It was more than 70 years ago that Coach started crafting handmade leather goods. While we suspected that big changes might come for the American heritage brand when they acquired Kate Spade for $2.4 billion back in May, we NEVER could have imagined how drastic those changes would be.
After so many years operating as Coach Inc., the company has announced that on October 31, it’s officially changing their name to Tapestry Inc.
Before you go into total shock, however, you should know that the Coach retail stores will still be known as Coach. The name switchup applies to the umbrella company, which now owns several other properties, including the aforementioned Kate Spade New York and Stuart Weitzman, which it acquired in 2015.
The change was made to better reflect its portfolio of brands rather than focusing on a single one. As Chief Executive Officer Victor Luis explained in a press release, “We searched for a name to reflect [the values of optimism, inclusivity, and innovation] while also expressing the cultural diversity of our people and and our brands for today and tomorrow,” he said. “In Tapestry, we found a name that speaks to creativity, craftsmanship, authenticity, and inclusivity on a shared platform and values. As such, we believe we can make Tapestry grow with our portfolio and with our current brands as they extend into new categories and markets.”
Not everyone was as enthusiastic, however. In fact, after the announcement, the brand’s stock also fell two percent, according to CNN Money. And a quick scroll through Twitter will reveal, some people are downright angry about the change.
In the New York Times, Luis had expressed fears about the name potentially being viewed as “old-fashioned,” a point that Twitter users were quick to pick up on.
While most millennials might not be familiar with the other Tapestry, Carole King’s 1971 album of the same name, the brand couldn’t escape a few jabs there, either.
What do you think of Coach’s name change? Tell us over @BritandCo.
(Photo via Robert Mora/Getty)