Changing a brand’s name is a risky move; sometimes it goes in the company’s favor while other times it is the beginning of the end. Especially, if the brand has been known with the same name for more than seventy successful years. Recently, Coach rebranded as Tapestry and the response was negative albeit not unpredictable. Fans were not impressed with this change and the brand’s market stock share went down by 3%.
But before you decide to let worry, hesitation and sheer dismay paint your views, hear Coach out. The brand has just changed the name for corporate reasons, your handbags and accessories would still have Coach written on them. Coach Inc. has now become Tapestry Inc. which means that the only difference for the masses would be that the Coach NYC headquarters would read Tapestry in bold rather than Coach.
“No one will ever see the word Tapestry on a Coach store,” Coach CEO Victor Luis informed TheStreet. He said that the company has conducted vast research and considered the views of its 20,000 employees around the globe to come up with a name that would work in every regard to strengthen the company even more. in his words, the new name “speaks to creativity, craftsmanship, authenticity, and inclusivity.” Keeping the unreasonable uproar of the masses at one side, it is a smart move that aims at clearing off the confusion between investors and consumers.
This step has been taken to represent the various brands that the parent company roofs. The company took Stuart Weitzman into its fold back in 2015 and this year it has made Kate Spade a part of its family too. “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,” said Victor Luis.
Luis also explained why they chose this name for the parent company, “It’s a wonderful metaphor for what we believe in, which is individual threads of different colors all working together to create a picture.” Poetic but fitting. Fans of the fashion house find the new name old-school but Luis has thus far proved to be innovative, and smart in his approach since he took over the role of CEO of the brand in 2014.
The chief executive, further said that Tapestry sends out a message to its worldwide buyers that “this is a home that is not limited to any category, channel or geography.” He says that though the brands currently holding rooms in Tapestry’s mansion are all based in the United States, he is up for acquiring those that have their roots in Europe or Asia. He said, “We embrace our differences, whether they be race, gender, sexual orientation or belief systems.”
While many big names have walked down this lane before as well, whether or not it was a wise move to transform Coach into Tapestry is something only time can tell. The change of name received severe backlash on social media. Diane Lemonides, creative consultant to luxury fashion houses and founder of Verve Marketing and Design, also expressed her uncertainty on the matter.
Though she found the name befitting yet her opinion showed that this could negatively shape the brand’s future. “Coach has been dead for a while. Tapestry? Yes, stitched together brands that may all just go down together,” said Lemonides. The 76-year-old brand’s CEO has though molded effective strategies in the past. For instance, when he brought the brand’s focus back to leatherware and then his collaboration with Disney and singer, actress, fan-favorite Salena Gomez.