Coach Inc. is undergoing a corporate reinvention. The New York-based company announced Wednesday that it will be changing its name to Tapestry Inc. The company’s New York Stock Exchange symbol will change to TPR on Oct. 31.
In a statement, Coach Inc. CEO Victor Luis said the company sought a unifying name that represents its expanded portfolio of brands. Coach acquired luxury footwear brand Stuart Weitzman in 2015. Rival accessories brandKate Spade joined the fold in May.
“We are now at a defining moment in our corporate reinvention, having evolved from a mono-brand specialty retailer to a true house of emotional, desirable brands, all leveraging our strong operational foundation,” Luis said. “Each of our brands has a unique proposition, fulfilling different fashion sensibilities and emotional needs within the very attractive and growing $80 billion global market for premium handbag and accessories, footwear and outerwear.”
A new corporate website relays Tapestry’s vision. Visitors to the bright yellow site are greeted with a video about the company’s mission to build brands on optimism, inclusivity and innovation.
In Tapestry, Luis said the company found a name “that speaks to creativity, craftsmanship, authenticity and inclusivity on a shared platform and values.” Additionally, Luis said the name can grow with the company’s portfolio and current brands as they delve into new categories and markets.
“The name embodies our creative brand-led and consumer-focused business, while also representing the deep heritage of the group,” he added. “Most importantly, we are establishing a strong and distinct corporate identity, which enables our brands to express their individual personalities and unique language to consumers.”