by: Jayson Derrick, Benzinga Staff Writer
Fashion designer and retailer Coach Inc COH announced Wednesday it will be changing its name to Tapestry, Inc. effective as of the end of the month. The company's stock will also begin trading under the ticker "TPR" at that time.
You've Got A Friend
The company's decision to change its name is attributed to the multiple acquisitions that were made over the past year to "growth beyond the Coach brand," Coach CEO Victor Luis explained in a press release. For example, the company acquired the shoe brand Stuart Weitzman in 2015 and Kate Spade this year.
Coach now sees itself at a "defining moment" in its corporate reinvention as it succeeded in transforming itself from a "mono-brand specialty retailer" to become a "true house of emotional, desirable brands," the executive said. Each specific brand under its umbrella has a unique consumer proposition to fill multiple "fashion sensibilities and emotional needs" within the $80 billion premium handbag, accessories, footwear and outerwear market.
Where You Lead
Tapestry is a name that "speaks to creativity, craftsmanship, authenticity and inclusivity on a shared platform and values," Luis said. The name Tapestry "embodies our creative brand-led and consumer-focused business, while also representing the deep heritage of the group."
Tapestry also serves as a "wonderful metaphor" for everything the company believes in, the executive told The New York Times. Specifically, the name brings up an image of "individual threads of different colors all working together to create a picture."
Will You Love Me Tomorrow?
Finally, investors should be satisfied with the name change as it will also bring about a change in how the company reports its metrics, Luis said in the interview. Each individual business segment will be reported as its own entity in annual reports rather than lumping them all together.
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