Coach’s name change to Tapestry met with mixed reviews

Coach’s transition to Tapestry is being met with mixed reviews

Coach Inc. said Wednesday that it will change the company’s name to Tapestry Inc., effective October 31. The company will also change its stock ticker symbol to “TPR.”

The move comes three years after the company laid out its plan to build beyond the Coach brand. Coach Inc. COH, +0.69%  now includes Stuart Weitzman, acquired in 2015, and Kate Spade & Co. “In Tapestry, we found a name that speaks to creativity, craftsmanship, authenticity and inclusivity on a shared platform and values,” said Chief Executive Victor Luis in a statement.

Fosina Marketing Group Chief Executive Jim Fosina notes that the name change is focused on the holding company rather than the brand, which could be an important distinction.

“It appears the holding company wants to create a brand in Tapestry that signals to the stock market and the fashion industry that their future is more about assembling a network of fashion brands that will make the overall company and its financials dominant in the fashion industry,” Fosina said.

The new name could also indicate that further consolidation of the company’s infrastructure and other operations is on the way.

The new name has gotten some negative reaction on Twitter, though Carole King fans seem pleased.

Coach shares are up 11.2% for the year so far. The SPDR S&P Retail ETF XRT, -1.31%  was down 9.6% this year while the S&P 500 index SPX, -0.09%  was up 14.0%.

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