>> Coach, changing its corporate name to Tapestry, Inc., and label lovers aren't happy. CEO Victor Lewis said in a statement, we are now at a defining moment in our corporate reinvention. The iconic luxury handbag maker said the change will take effect on October 31st, as the 76 year old brand evolves into a multibrand upscale fashion house.
Coach becoming just one of three brands sold by Tapestry. The company bought smaller but popular rival Kate Spade for 2.4 billion earlier this year and shoemaker Stuart Weitzman in 2015, attempting to regain its former glory as a fashion powerhouse and apparel retailers at large. As a result, Coach has been keeping a tight lid on discounting, and is pulling back from department stores to retain the exclusivity of its brand.
But in an industry where the brand name is everything, investors are not too thrilled with the rebranding. Shares falling as much as 3% Wednesday, and social media was abuzz. Andrea Wasserman, a former Nordstrom executive, tweeted, this is bizarre & a strategy departure. Dying to know the logic. Many voicing their disapproval of Coach's new identity.