Coach is not dead.
Oh, wait. Yes it is. Kind of.
It’s the end of an era over at Coach Inc., reports The New York Times.
Say hello to Tapestry.
On Wednesday, the accessible-luxury group that owns Coach, Stuart Weitzman and Kate Spade made the shocking announcement that the corporate side was changing its name.
“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, Coach Inc.’s chief executive.
The new moniker works, says Luis, because it “wasn’t too corporate-y or made up, that was easy for everyone to understand.”
You will still be able to buy Coach bags though. Phew.
The name change officially goes into effect Oct. 31. Halloween — not April Fool’s Day.
The Times adds that Tapestry will trade on the New York Stock Exchange under the symbol TPR.
Founded in a NYC in 1941, Coach used to be one of the hottest tickets around but lost its luster in fashion circles in recent years.