- Vivian Hendriksz |
London. - Coach Inc. is nearly synonymous with leather handbags. Over the years the New-York based label has built a global reputation for quality leather goods. But as the holding company continues to diversify its brand offering with the hopes of becoming a leading fashion group Coach, Inc. has renamed itself Tapestry Inc.
The new name is designed to better reflect the premium group’s entire brand offering, which includes fellow accessible luxury brands Kate Spade and Stuart Weitzman, rather than a single brand. It is also designed to highlight the company’s aim of becoming the first leading American Fashion Group, similar in vein to leading Spanish fashion group Inditex and luxury conglomerate Kering.
Coach Inc. rebrands itself into Tapestry Inc
“Three years ago we laid out our vision to transform Coach and announced our intention to grow beyond the Coach brand,” said Victor Luis, Chief Executive Officer of Coach, Inc. in a statement. “Through the execution of our strategic plan and with the acquisitions of Stuart Weitzman in 2015 and Kate Spade & Company just this summer, we have realized these goals. We are now at a defining moment in our corporate reinvention, having evolved from a mono-brand speciality retailer to a true house of emotional, desirable brands, all leveraging our strong operational foundation.”
The management team at Coach Inc. partnered with brand agency Carbone Smolan to rebrand Coach Inc into Tapestry Inc, developing a new logo, as well as corporate identity. Coach Inc. website has already been overhauled and bears the company’s new name, as well as separate categories for each brand, investor relations and career possibilities. Through the new rebrand, Luis is aiming to establish that Coach Inc. is not just limited to a certain product category or division, but that the group offers something for all those interested in the company’s 80 billion US dollar premium fashion offering.
“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,” added Luis. “In Tapestry, we found a name that speaks to creativity, craftsmanship, authenticity and inclusivity on a shared platform and values. As such, we believe that Tapestry can grow with our portfolio and with our current brands as they extend into new categories and markets. The name embodies our creative brand-led and consumer-focused business, while also representing the deep heritage of the group. Most importantly, we are establishing a strong and distinct corporate identity, which enables our brands to express their individual personalities and unique language to consumers.”
Although it remains unclear as to which new brands Luis is keen to add to this Tapestry, it is clear that the rebrand also signals each brand’s expansion into new product categories. The company also stressed that the brands are founded on a ‘creative and consumer-led view of luxury that stands for inclusivity and approachability’. Each of the brands will retain its own brand values and identity as Tapestry Inc will continue to share the results of each brand individually in its annual reports. The search for the new name took two to three months, as a list of thousands of potential names was narrowed down before being tested for legal and cultural links in Coach Inc. main markets, reports the New York Times.
Coach Inc. is set to officially become Tapestry Inc, on October 31, 2017 and will trade on the New York Stock Exchange under the name TPR.