Coach becomes Tapestry
Tom Dougherty, CEO – Stealing Share
18 October 2017
Who cares Coach is becoming Tapestry?
Coach changing its name to Tapestry means nothing no matter what CEO Victor Luis says. He tells The New York Times that the iconic leather bag company is changing its name because Tapestry is, “A wonderful metaphor for what we believe in, which is individual threads of different colors all working together to create a picture.”
The move follows some other fashion brands changing their names after a series of acquisitions. Coach, I mean Tapestry, recently acquired Stuart Weitzman and Kate Spade. The individual brands – Coach, Stuart Weitzman and Kate Spade – keep their names but the parent company becomes the aforementioned Tapestry. It, in effect, becomes a house of brands.
By keeping the individual brand names, does it matter? It doesn’t matter one a bit. Well, other than the new name they chose is terrible.
“Would Tapestry be able to keep its focus on Coach and Kate Spade as well? Would customers prefer Tapestry products? Only time will tell with that.”
Does Coach corporate becoming Tapestry help any?
In most retail segments, keeping a single name is important to eliminate confusion. For example, Camping World is buying up RV dealers and, guess what, those stores are now named Camping World. Camping World is the known commodity. It sports brand cache. (And yes, I figured out a way to talk about high fashion and RVs in the same blog.)
But the fashion industry is strange and fickle. So much of preference in fashion has to do with the brand name itself. As long as consumers can still buy Coach bags, what does it matter who the parent is?
Being a fashion conglomerate, the biggest issue facing the company is losing focus by dividing corporate resources in three. But that has nothing to do with changing the name of the company. In short, unless the new Tapestry makes some boneheaded corporate or design decisions, the individual brands should be fine.
But that is just it, isn’t it? Brands step into all sorts of trouble when they take their eye off the ball. For Tapestry, that should be a real concern. Imagine if the finicky fashion consumer all of a sudden stops buying Stuart Wietzman shoes? That would put a drag on the whole organization. Would Tapestry be able to keep its focus on Coach and Kate Spade as well? Would customers prefer Tapestry products? Only time will tell with that.
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