Coach started as a family-run wallet business in New York that dates back to 1941. Nevertheless, as of October
Nevertheless, as of October 31st, the famous luxury handbag and accessories company will change its corporate name from Coach to Tapestry. The Coach team had this plan for a while in order to expand its brand and appeal, since it owns Kate Spade and Stuart Weitzman anyways. The switch to make it under the new Tapestry umbrella is a marketing strategy that networks the desired fashion brands together in terms of values and creativity.
Coach lovers on social media did have a meltdown at first, but the storm settled once customers realized that the actual brand name and line is not changing. Everyone can still own a classic coach bag with the letter "C" on it. However, the New York Stock Exchange's symbol is being changed from COH to TPR , which had generated mixed feelings about a number of shares that the brand may lose.
On the other hand, the chief executive, Victor Luis believes this move is a fresh and strategic business plan that will become New York's first Fashion Group, which will eventually include more fashion brands under the Tapestry name. Tapestry will also clear up the difference between the American luxury groups and its European competitors, such as LVMH Moët Hennessy Louis Vuitton and Kering. The results of this corporate reinvention are highly anticipated and could potentially change the way fashion retailers collaborate in North America. We will just have to wait and see!
By: Alaina Pawlowicz