Coach Inc. has changed its corporate name to Tapestry.
The move is a first step in the company's strategy to create an American luxury conglomerate modeled after LVMH and Kering. In 2014 Coach Inc. announced its intention to reinvent itself beyond a monobrand specialty retailer and in January 2015, it purchased the Stuart Weitzman shoe brand for 484 million euros. This was followed by handbags, apparel, shoes and accessories brand Kate Spade, which was added to its portfolio for a total of 2 billion euros last May.
'We searched for a name to reflect these values while also expressing the cultural diversity of our people and our brands for today and tomorrow. In Tapestry, we found a name that speaks to creativity, craftsmanship, authenticity and inclusivity on a shared platform and values. As such, we believe that Tapestry can grow with our portfolio and with our current brands as they extend into new categories and markets,' Coach Inc. Chief Executive Victor Luis said in a statement.
The change in name will date from October 31, with the company also changing its ticker symbol on the NYSE from 'COH' to 'TPR.'