There’s a new fashion powerhouse in the Big Apple: Tapestry Inc. The company, formerly called Coach Inc., officially announced its new moniker this morning.
CEO Victor Luis has been busy engineering a huge transformation at the lifestyle company, so this move isn’t a big surprise. The portfolio now includes Coach, Kate Spade New York and Stuart Weitzman. Tapestry, headquartered at Hudson Yards, employs 20,000 people globally.
“We are focused on putting together a group of brands that allows us to create a platform that’s truly different than traditional luxury players,” Luis said at the FN CEO Summit in May. “We want to be much more about inclusivity.”
This year, Luis and crew acquired Kate Spade in a $2.4 billion deal. The CEO also brought in well-known fashion and footwear exec Josh Schulman to head up the Coach brand.
Tapestry will continue to trade on the New York Stock Exchange as TPR. (Its former stock symbol was COH.)
A number of major companies have changed their names in recent years. In 2015, Caleres Inc., formerly called Brown Shoe, rebranded itself under CEO Diane Sullivan, who has been growing and refining the portfolio. In 2013, luxury giant PPR became Kering.