To better incorporate all of the brands it now owns, the storied Coach company of NY is changing its name to Tapestry.
Luis responded to the criticism, telling Reuters, "At the end of the day, some of the social media reaction is misplaced because people think we are changing the name of the Coach brand, which we are not doing".
"Similarly, nonprofit digital content director J. Christian Bernabe derided, "$COH changing its name to 'Tapestry" is a disgusting branding idea.
Coach's shares were down 2.8 percent at $38.87 in afternoon trading.
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In the case of Coach, the new name reflects a new corporate structure. "The name change was an attempt to change consumer perceptions of the company". Coach actually bought up Kate Spade to help buff its handbag options and Stuart Weitzman to expand a presence in shoes to broaden its lifestyle brands appeal.
Coach's name change, which takes effect October 31, is the latest in a long line of corporate rebranding efforts, some more successful than others. "A story about weaving together brands is not a bad approach".
New corporate website Tapestry.com describes the business in similar terms.
Coach joins a growing list of corporations who have changed their names over the past few years.
And earlier this year, Verizon Communications Inc. said its newly acquired Yahoo and AOL businesses would be housed under the name Oath. That name plays off the fact that the Yahoo assets Verizon didn't buy are mainly an investment in Chinese e-commerce firm Alibaba. Tribune Publishing Co. was truncated to Tronc Inc. Cigarette company Philip Morris famously rebranded itself as Altria.