Published: Fri, October 13, 2017
Economy | By Shawn Conner

Coach no more; NY company wants to be called Tapestry

Coach no more; NY company wants to be called Tapestry

Under their "Quote of the Day" in today's edition, they posted: "It's a wonderful metaphor" - The CEO of Coach Inc. on changing the company's name to... Coach bought Kate Spade earlier this year and shoemaker Stuart Weitzman in 2015 to grow into a broader lifestyle company.

Former Nordstrom and Hudson's Bay executive Andrea Wasserman, for example, tweeted, "This is freaky & a strategy departure".

COH stock fell close to 3% after the announcement was made on Wednesday.

The derision kept coming as people questioned and even mocked the move.

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"Similarly, nonprofit digital content director J. Christian Bernabe derided, "$COH changing its name to 'Tapestry" is a frightful branding idea.

Chief Executive Victor Luis, however, downplayed the social media backlash.

Here are a couple of other Tweets in reaction to Coach's name change.

Because it's the end of an era over at Coach Inc., reports The New York Times.

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Well, despite the fact that the Coach brand is not going anywhere, longtime fans of the brand are not very happy with this change in corporate identity.

Luis added that the management had been thinking about changing the company's corporate name for a while, but made the decision to change it after the acquisition of Kate Spade.

Founded in a NYC in 1941, Coach used to be one of the hottest tickets around but lost its luster in fashion circles in recent years. 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.

The company's common stock, now traded on the New York Stock Exchange under the symbol "COH,"z which will change to "TPR" on October 31, 2017".

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