In a move that has prompted the internet to wonder, "Huh?" Coach is changing its name to Tapestry. The iconic luxury goods company, which started in Manhattan in 1941, has since acquired other fashion brands including Stuart Weitzman and Kate Spade & Co., and the name Tapestry is more inclusive, the company's CEO explains, per the AP. "We are now at a defining moment in our corporate reinvention, having evolved from a mono-brand specialty retailer to a true house of emotional, desirable brands," CEO Victor Luis says in a statement. As the company's new website, Tapestry.com, makes clear, Coach will still exist as one of the company's brands; it will just no longer be the name of the umbrella company. The change becomes official Oct. 31, when Coach's New York Stock Exchange ticker symbol will change from COH to TPR, CNBC reports.
Despite the fact that Coach, as a brand at least, will continue to exist, reaction to the name change can be summed up as "perplexed." Headlines like this, from CNNMoney, abound: "Coach changes corporate name to ...Tapestry?" And speaking of that ticker symbol, shares of COH dropped immediately following the company's announcement. But a company spokesperson assures consumers nothing will change for them; Coach stores and products will retain the iconic name. The same goes for Stuart Weitzman and Kate Spade stores and products. But is the name "Tapestry" even a good one? Reuters reports that many have scoffed on Twitter. "Tapestry is a terrible name. Sounds like something you'd find at a Hallmark Gold Crown store right next to (shudder) Vera Bradley," reads one reaction tweet. "Eh...what?" says another. "Doesn't this negate the point of heritage, legacy etc in high-end branding?"