Coach Inc. Rebrands as Tapestry
Fashion company Coach, Inc. has rebranded itself as Tapestry. Over the last few months, Coach has worked to diversify the business, acquiring brands such as Kate Spade and Stuart Weitzman. The New York Times reports the new name is intended to better express Coach's new shape as a multibrand entity with a variety of unique properties, as opposed to one dominated by a single brand.
“It’s a wonderful metaphor for what we believe in, which is individual threads of different colors all working together to create a picture,” said Victor Luis, CEO of Tapestry.
The new name will reflect how the brands blend together. By rebranding Coach Inc., Luis is hoping to send a signal to potential targets in the $80 billion global premium fashion market that “this is a home that's not limited to any category, channel or geography.”
Total Retail's Take: Coach is the latest company trying to redefine its brand in the struggle luxury lifestyle market. Merging with two similar brands — Kate Spade, Stuart Weitzman — can help Tapestry grow its customer base and become a much more formidable contender against the likes of LVMH, Richemont, Kering and others. Coach isn't alone in the luxury space using acquisition as a means to speed growth. This past summer, Michael Kors acquired high-end shoe brand Jimmy Choo, and footwear brand Aldo acquired its competitor, Camuto Group. Consolidation has certainly been a trend in luxury retail sector, and it will be interesting to see if that extends to other verticals as well.