Published on 12 October 2017
Shares of Coach sank 2.83% after the luxury accessory maker announced that it was changing its name to “Tapestry” to reflect the numerous brands – including high-end shoe brand Stuart Weitzman and apparel brand Kate Spade – in its product portfolio, according to CNBC.
Explaining the rationale behind the rebranding, the company said: “In Tapestry, we found a name that speaks to creativity, craftsmanship, authenticity, and inclusivity on a shared platform and values.”
Although the company’s new website, tapestry.com, has already been launched, the name change will officially go into effect only at the end of this month, when the company’s stock ticker symbol will be changed to TPR.
Read the original story here.