Iconic Coach, of Luxury Bag Fame, Announces Surprise Name Change - NBC New York

Iconic Coach, of Luxury Bag Fame, Announces Surprise Name Change

The CEO says the name "speaks to creativity, craftsmanship, authenticity and inclusivity"

    processing...

    NEWSLETTERS

    The company is moving in a new direction. (Published Wednesday, Oct. 11, 2017)

    What to Know

    • Coach is changing its name to Tapestry at the end of the month; it'll also change its NYSE ticker symbol from "COH" to "TPR"

    • CEO Victor Luis says the name Tapestry "speaks to creativity, craftsmanship, authenticity and inclusivity"

    • He said the company has been working for years to expand beyond the Coach brand

    To better incorporate all of the brands it now owns, the storied Coach company of New York is changing its name to Tapestry.

    The luxury goods company that came to prominence in the "Mad Men" era now owns brands like Stuart Weitzman and Kate Spade & Co. as well. CEO Victor Luis said Wednesday that the name Tapestry is more inclusive.

    Coach acquired Stuart Weitzman in 2015 in a deal valued up to $574 million. It spent $2.4 billion for Kate Spade this year, seeking to broaden its appeal.

    "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.

    46 Local Pizzas Land on Annual List of America's Best46 Local Pizzas Land on Annual List of America's Best

    A website with the new name, which becomes official at the end of the month, is up and running.

    The change is part of Coach's pursuit of younger shoppers who may not feel the same draw to store windows on Manhattan's 5th Avenue.

    Coach began as a small workshop in Manhattan in 1941, and became a fashion powerhouse in the early 1960s though innovate designs.

    Coach Inc. will also be changing its ticker symbol on the New York Stock Exchange from "COH," to "TPR." Shares of the company declined more than 2 percent to $39.11 in morning trading.

    5 Hot Holiday Toys and Where You Can Still Get Them 5 Hot Holiday Toys and Where You Can Still Get Them

    Get the latest from NBC 4 New York anywhere, anytime