After paying $2.4 billion for Kate Spade, Coach Inc. (COH) is changing its name to reflect its portfolio of three brands.
The accessories company announced Wednesday, Oct. 11, that it's rebranding as Tapestry Inc. and will change its ticker symbol to TPR, effective Oct. 31. The rebranding follows the July 11 close of its acquisition of fellow accessories maker Kate Spade and comes two years after its addition of shoe company Stuart Weitzman for $574 million.
In the midst of this somewhat surprising news, we take a look back at our interview with CEO Victor Luis as he talks about the brand just last month during fashion week.
The handbag and accessories maker showed off some seriously snazzy new styles with an eye towards upgraded quality. From embellished handbags to pricey winter coats adorned with playful patches, the company continues to infuse a sense of fashion into its wares.
In part the fashion infusion reflects Coach's efforts to broaden out the appeal of its brand, CEO Victor Luis explained to TheStreet in an interview. Helping that is a recent partnership with singer Selena Gomez, who has worked with Coach to unveil an exclusive line of bags and accessories (which will be showed off during fashion week).
The other part of the attention to fashion is to stick out in a mall scene that is often chock full of sameness and cheap quality goods. If one can stick out, there is a better chance of selling merchandise at full-price -- that is something Coach has managed to increasingly pull off successfully over the past year.
Meanwhile, Coach is also focusing on integrating its $2.4 billion purchase of Kate Spade.
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