Economy

Luxury retailer Coach changing name to Tapestry

Luxury retailer Coach changing name to Tapestry”

On Wednesday, Coach Inc., the company that owns the Coach brand, announced it would officially change its name to Tapestry Inc., effective October 31. Shares of the company declined more than 2 percent to $39.11 in morning trading.

"We searched for a name to reflect these values while also expressing the cultural diversity of our people and our brands for today and tomorrow", the Coach CEO Victor Luis said in a statement.

"This is freakish & a strategy departure".

The Coach brand's name will remain untouched. "Fire the executive who proposed the change".

"Coach is changing its name to a popular Carole King album & a bad name for a leather bag maker! Tapestry", said another Twitter user SpecialK.

Coach, however, has lost some of its shine in recent years in part due to the financial recession and increased online shopping.

Coach acquired Stuart Weitzman in 2015 in a deal valued up to $574 million.

"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", Luis said in a company release.

The company will also be changing its ticker symbol on the New York Stock Exchange from "COH", to "TPR".

In early NY trading, Coach shares were down 1.9% at US$39.243, having gained 13% for the year so far.



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