Coach, the American leather goods company, has been on a buying spree over the last two years, acquiring shoe brand Stuart Weitzman and handbag brand Kate Spade. Today, it announced that Coach Inc. would be renamed Tapestry, which would be the holding company for all three brands.
The name search, conducted by the Carbone Smolan Agency, took about two to three months, the company told the New York Times. A list of thousands was narrowed to “tens”; these were then tested for legal compliance and cultural associations in the brands’ key markets.
The company settled on Tapestry because it was easily understandable and did not sound too corporate, particularly when you compare it to LVMH, Kering, and other brands in the $80 billion global premium fashion market.
“No offense, but the average person doesn’t know what LVMH is,” Chris Paradysz, industry expert and founder of PMX, a market analytics firm, told Fast Company.
There were also important cultural and political associations, the company’s CEO, Victor Luis, suggested to the Times. “It’s a wonderful metaphor for what we believe in, which is individual threads of different colors all working together to create a picture… We embrace our differences, whether they be race, gender, sexual orientation or belief systems.”
The idea of inclusiveness also fits with the company’s global ambitions. Tapestry is currently composed of brands based in the United States, but Luis said he is open to acquisitions in Europe and Asia. Tapestry “is a home that is not limited to any category, channel or geography.”
The new moniker “is more inclusive,” according to Victor Luis “We are now at a defining moment in our corporate reinvention, having evolved from a mono-brand specialty retailer to a true house of emotional, desirable brands,” he said in a statement. The change is also a part of Coach’s pursuit of younger shoppers who may not feel the same draw to store windows on Manhattan’s 5th Avenue.
Coach was established as a small workshop in Manhattan in 1941, and flourished as a fashion powerhouse in the early 1960s. The leatherwear brand acquired Stuart Weitzman in 2015 and Kate Spade in 2017.
The name change becomes official at the end of the month. Tapestry already has its own website up and running.
Reports from Harpers Bazaar.com , fastcompany.com