These Coach bags are now part of a much bigger "tapestry".
Coach's name change, which takes effect October 31, is the latest in a long line of corporate rebranding efforts, some more successful than others. Shares of Coach fell more than 2% after the announcement. Yes, a tapestry is a woven cloth made of various threads that combine to form a lovely picture or whatever; that's a lofty goal for your holding company, sir, but it's a really dumb name!
Chief Executive Victor Luis, however, downplayed the social media backlash.
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. "It's really about creating a new corporate identity for Coach as a house of brands".
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.
The corporate name-change game has a new player: Coach Inc.is becoming Tapestry Inc., attempting to reflect the multiple brands, including Kate Spade, now under the company's umbrella.
As a name for a global fashion company, Tapestry is an interesting choice-and by interesting, I mean, confusing and slightly stupid. 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.
And the now defunct Woolworth chain of five and dime stores curiously changed its name to Venator in the late 1990s ... before changing it once more to Foot Locker, a reflection of the fact that the company owns Foot Locker.