Coach Inc. Is Officially Changing Its Company Name to Tapestry Inc

The new company name Tapestry at the headquarters of former Coach Inc

Apparently, the iconic New York-based leather goods brand has chose to change its name to Tapestry Inc, at the end of October. According to Coach Inc., the switch in the company name is being made to better reflect the soon-to-be-named Tapestry Inc.'s brand portfolio, which also includes Stuart Weitzman and Kate Spade.

Of the change, Coach CEO Victor Luis said Wednesday that the name Tapestry, "speaks to creativity, craftsmanship, authenticity and inclusivity".

In early NY trading, Coach shares were down 1.9% at US$39.243, having gained 13% for the year so far. Traffic is on the decline, at least at traditional brick-and-mortar stores, as consumers seek more affordable options at discount online outlets (often sourced overseas) and discount retailers.

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The New York-based company acquired luxury shoe retailer Stuart Weitzman for $574 million in 2015 and bought Kate Spade & Co., known for its colorful and kitschy handbags, for $2.4 billion earlier this year. "At the end of the day some of the social media reaction is misplaced because people think we are changing the name of the Coach brand, which we are not doing", Luis told Reuters. But executives are striving to show that they aren't dependent on the Coach business to fuel growth.

Indeed, social media users have not been too happy about this change, after 76 years as an industry leader. "Dying to know the logic".

Still, the name change didn't go over well with investors. "Fire the executive who proposed the change", J Christian Bernabe, a nonprofit digital content director, tweeted.

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