Luxury brand Coach has rebranded itself to Tapestry in a risky move to reflect the many brands that now sit under its umbrella.
Now called Tapestry, rebranding in the fashion industry is a risky move when your brand name has the most power over consumers. Coach still has its independent branding but the company itself has been updated.
News of the rebranding also sent shares of Coach lower, with the stock shedding 2 percent in trading late Wednesday.
Tapestry now controls Coach, Kate Spade and Stewart Weitzman.
Coach said the new name reflected the company’s history and the fact that many brands will be interwoven to create one product.
Coach acquired high-end shoe brand Stuart Weitzman for USD$574 million in 2015 and then scooped up quirky apparel brand Kate Spade for USD$2.4 billion earlier this year.
The name change will become effective October 31 of this year. Its new website, tapestry.com, is already live.