"This is freaky & a strategy departure". But, like everything else in this world that upends that which you've always known or held dear, the change will feel like a personal affront for about two seconds and then by tomorrow, or the next day, if we're all still alive, you'll always think of Coach Inc., parent company to your favorite brand of shoes and handbags, as Tapestry.
The derision kept coming as people questioned and even mocked the move. Tapestry was chosen because it represents "the idea of weaving together the brands to form something attractive", a spokeswoman for Coach said. "Tapestry is a name that is not rooted in any of these brands". Chief Executive Victor Luis, who has set out to create an American luxury conglomerate modeled after LVMH Moët Hennessy Louis Vuitton SE and Kering SA, home to Gucci, Balenciaga and other European designer brands.
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In the case of Coach, the new name reflects a new corporate structure.
Founded in a loft in Manhattan in 1941, Coach has grown into a multi-billion dollar company, building its business on the success of its Coach handbags that for many years were widely coveted by wealthy women shoppers around the world.
" Time Warner had a reputation for poor service", said Bob Killian, the founder of Killian Branding, referring to the cable company that changed its name to Spectrum after its 2016 acquisition by Charter Communications Inc.
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Point72 Asia Hong Kong Ltd increased Wells Fargo Co New (NYSE:WFC) stake by 12,996 shares to 14,407 valued at $798,000 in 2017Q2. More important recent Merck & Co., Inc. (NYSE:MRK) shares have recently been behaving interestingly to keep investors awake.
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.
Coach's shares were down 2.8 percent at $38.87 in afternoon trading.
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