Coach Inc. has gone from a monobrand company to a group of American accessible luxury brands — and it's changing its name to reflect the shift.The company now will be known as Tapestry Inc.Victor Luis, the firm's chief executive officer, said in a telephone interview on Wednesday that the idea of a name change was talked about a few years ago, but that when the company in July acquired Kate Spade, it “changed things pretty dramatically.” He added that with the change in the structure of the company, “We wanted a platform where each brand retained its distinct personality and positioning without creating any confusion.”The company acquired Stuart Weitzman in 2015 for $574 million and Kate Spade & Co. this past July for $2.4 billion.Coach, with the help of Carbone Smolan Agency, chose Tapestry after considering “many, many names,” Luis said.Coach isn’t the first company in the fashion industry to change its name. Ironically, its newest baby Kate Spade was once Fifth & Pacific, and before that it was Liz Claiborne Inc. And European luxury goods conglomerate Pinault-Printemps Redoute also changed its name twice, first to PPR before becoming Kering.Coach’s new corporate name goes into effect on Oct. 31, and shares of Coach will then trade under the new symbol “TPR” on the New York Stock Exchange.“What we like about Tapestry is that the name is reflective of the values that we share — the idea of heritage and craftsmanship, and of a piece of art that is [both] one and reflective of different threads and colors, like our brands and different employees. It is a wonderful metaphor for us, with great room to grow that is not limited to any one category or any one geography,” Luis said.The ceo said Tapestry also reflects the values that the company’s brands share: Optimism, innovation and inclusivity. “Those values differentiate us from many traditional luxury brands,” he said.One concern at the time of the July acquisition — and when the company began earnestly evaluating its options — was the risk that consumers would think that Coach’s acquisition of Kate Spade meant either the brand would be sold in Coach stores or that Kate Spade would be re-branded as Coach, he said.And from a corporate culture standpoint, the ceo said it was important that the company have its own identity without any confusion with the brands under its umbrella.There may already be confusion over the name change. Coach saw its shares fall 2.8 percent to close at $38.87 Wednesday following disclosure of the planned name change, and some individuals took to tweeting their displeasure.Paul R. La Monica @LaMonicaBuzz tweeted a sarcastic reference to Carole King and her second album called "Tapestry," while the one from Courtney Reagan @CourtReagan said, “Doesn’t this negate the point of heritage, legacy etc. in high-end branding?”Luis took the comments in stride, noting, “This is just a moment in time….The name change is not about Coach, nor Kate Spade, nor Stuart Weitzman. We are protecting the individual identity of the brands through a corporate name change.”As for investors, Luis said the savviest and best of investors would be less focused on the corporate name and more on the business of each brand looking for any measure of growth or profitability.Jim Fosina, founder and ceo of Fosina Marketing Group, said that the name change “signals to the stock market and the fashion industry that [the company’s] future is more about assembling a network of fashion brands that will make the overall company and its financials dominant in the fashion industry.”[caption id="attachment_11025879" align="alignnone" width="425"] The new branding for the corporate website, beginning on Oct. 31.[/caption]
In honor the @CFDA’s announcement of @iamnaomicampbell receiving the Fashion Icon Award at the 2018 #CFDAAwards, which will take place on June 4, here’s a #tbt of the supermodel on @michaelkors’ runway in 1991. #wwdfashion #wwdarchive (📷: George Chinsee)
“I was making the guacamole when my scout saw me,” says model @stuckinteenage on being discovered just six months ago while working at @chipotlemexicangrill. Since then Williams has signed with @dnamodels, walked in her first show at @calvinklein and landed on the cover of @vogueitalia – a high point of any model’s career. To read @lisajlockwood’s full interview with the model on her experiences thus far, head to WWD.com – link in bio. (📷: George Chinsee)
“I love the idea of dialogue, period. It’s where I’ve always gotten my inspiration from: hearing other women speak, their journeys and their paths,” said @hereisgina, who delivered the keynote speech during @sxsw for @createcultivate in partnership with @fossil. For her two panels, Rodriguez chose female empowering, female-led and female entrepreneurs to focus on. Head to WWD.com to read more about her thoughts on Time’s Up, growing up in a family of women and why we “need a girls’ club.” #wwdeye #sxsw (📷: @jgreenery)
Leading luxury brand are shaking things up to keep up with streetwear. Case in point: the arrival of @mrkimjones as artistic director of @diorhomme. Jones, who succeeds @Kris_Van_Assche, is seen as one of the handful of designers who can actually straddle the luxury and streetwear worlds — which could lead to even more changes at established brands. What could this mean for the rest of the menswear landscape? Head to WWD.com to find out what experts predict #wwdfashion (📷: @franckmura)
“It’s like buying groceries. You’re going to buy the best mango, the best mozzarella, the best things. You have to, or others are going to take it all,” said @gabrielahearst on why she uses only the finest fabrics. Last week, Hearst received her first @cfda nomination for Womenswear Designer of the Year, and earlier this month she opened a permanent showroom in Paris. To read @jessiredale’s interview with the designer and find out why this is shaping up to be a big year for her, head to WWD.com. #wwdfashion (📷: @francoisgoize)
“It’s an interesting thing, playing a younger version of your mother. It’s an interesting concept. I adore my mom and love her in every capacity, but it was just something that had never crossed my mind,” says @anniemstarke on playing a young Joan Castleman in “The Wife.” The same role will be played by her mother Glenn Close. Read more about her growing up in the film industry as the daughter of producer John H. Starke and Close and what she has planned for the future #wwdeye (📷: @nataliamantini)
@asics is launching a new streetwear sneaker inspired by its latest ambassador, @steveaoki. The Hyper-Kenzen x Aoki, which will launch at @footlocker stores exclusively tomorrow, is a slip-on style that incorporates the brand’s proprietary Gel technology through beads integrated into the midsole for comfort and endurance. Read the full story on WWD.com.