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Coach no more? Luxury handbag maker is changing its name

Coach no more? Luxury handbag maker is changing its name

The company's decision has caused many fans of the brand to lash out at it due to the iconic nature of it. Tapestry has been around for 76 years, owning more brands than simply Coach, including Kate Spade and Stuart Weitzman.

"This is freakish & a strategy departure".

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

Coach, the brand famous for its handbags, is about to change its corporate name.

The derision kept coming as people questioned and even mocked the move. Chief Executive Victor Luis, who has set out to create an American luxury conglomerate modeled after LVMH Mo√ęt Hennessy Louis Vuitton SE and Kering SA, home to Gucci, Balenciaga and other European designer brands.

The company announced Wednesday that it was planning to rename itself as Tapestry, effective on Halloween.

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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.

In the case of Coach, the new name reflects a new corporate structure. The retail giant, which now owns Stuart Weitzman and Kate Spade, in addition to its namesake Coach line, is making the shift to better incorporate all of its brands.

Coach Inc., founded in 1941 in NY, was once a status symbol among luxury shoppers. The new company will be a multi-brand, high-end retailer.

The company said on Wednesday the name change goes into effect on October 31 and will start trading under the ticker symbol "TPR" on the New York Stock Exchange. But in recent years, the oversaturation of Coach bags at outlet shops and malls across the US has caused the company to lose some of its footing with falling sales and profits.

Coach's shares were down 2.8 percent at $38.87 in afternoon trading.


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