Coach Inc., the luxury fashion company, announced today that they are changing their name.
The new name will be Tapestry Inc. and will incorporate all of three brands: Coach, Kate Spade and Stuart Weitzman, the latter two which were acquired this past summer.
“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, all leveraging our strong operational foundation,” Coach Chief Executive Officer Victor Luis said in a statement.
Tapestry Inc. sets out to encompass all those high-end brands under on umbrella but each brand will still have it’s own individual voice.
In recent years, Coach has lost its shine and title as a luxury brand due to the over saturation of their bags in outlet malls and shops.
While Coach found a strategy around it, namely rebranding and utilizing pop star Selena Gomez as the face of the brand, Michael Kors is now fighting a similar battle. Show me a TJ Maxx where they don’t carry a whole shelf of their products!
Do you think creating one major brand like Tapestry Inc. will be more effective?