Coach Inc., the iconic New York-based leather goods maker, is changing its corporate name to Tapestry Inc.




Coach Inc. wants to to broaden its image after acquiring the Kate Spade and Stuart Weitzman brands.
“We are now at a defining moment in our corporate reinvention,” Chief Executive Officer Victor Luis said Wednesday in a statement. “In Tapestry, we found a name that speaks to creativity, craftsmanship, authenticity and inclusivity on a shared platform and values.”





The fashion house is building a multibrand company at a time when the handbag industry is facing waning demand and retailers are struggling with declining traffic at brick-and-mortar stores. 

Coach bought Kate Spade earlier this year and shoemaker Stuart Weitzman in 2015 to grow into a broader lifestyle company.




Coach is building a multibrand company at a time when the handbag industry is facing waning demand and retailers are struggling with declining traffic at brick-and-mortar stores.
Founded in 1941, The Coach brand isn’t going anywhere, even as the company changes its corporate identity. But executives are striving to show that they aren’t dependent on the Coach business to fuel growth.






Still, the name change didn’t go over well with investors. Coach shares fell as much as 2.8 percent to $38.90 in New York, the biggest intraday drop in more than three weeks.