Coach Inc. is changing its name to Tapestry Inc. to reflect the company’s broader brand umbrella.
The New York-based luxury company, most famous for its designer leather handbags, acquired Kate Spade New York last summer for $2.4 billion, along with the shoe and accessory company Stuart Weitzman in May 2015 for $574 million.
“Following the acquisition of Stuart Weitzman and later Kate Spade, we’ve evolved into a multi-brand organization,” Coach Chief Executive Officer Victor Luis announced. “With that evolution we made the decision to change our corporate name to Tapestry Inc. with the objective to create a platform for our shared values and to avoid any confusion between the company and any specific names and the belief that the brands would meld together.”
As the company becomes a collective house of high-end products, Luis confirmed that all of the brands will retain their individual names.
“The Coach and Kate Spade and Stuart Weitzman brands are very distinct brands and entities that have consumers with different attitudes and styles,” he said. “Tapestry is a name that is not rooted in any of these brands. Instead, it is expressive and representative of all three. It’s truly a brand to allow employers and investors to feel like they are part of one company.”
The company’s long-term goals include adding more brands while preserving its upscale image.