Keep your hands off MY brand!

Coach, Inc. announced on October 11 that the corporate name of the company would change to Tapestry, Inc., effective October 31, 2017. The change was prompted by its acquisition of Stuart Weitzman in 2015 and Kate Spade & Company this past summer.
While the company’s press release stated “Coach, Inc. will become Tapestry, Inc. … the company’s portfolio includes Coach, kate spade new york and Stuart Weitzman…”, it erred in not explicitly stating that the Coach brand was going to remain at the retail level. This created a bit of tempest, with outraged customers complaining that the Coach brand was going to disappear. The stock even experienced a 2.83% decline the day of the announcement, with 4.44 million shares changing hands.

Some posted on social media comments such as, “I don’t think they will put that stupid name on the bags, unless they want more than sales to lower and want to go out of business…”

“So disappointed in Coach for changing their name! “Oh, I like your Tapestry bag” lol. Stupid! Sounds like a lower end brand that would be found at Target or Walmart.”

Coach had to clean up, responding to all comments with the same, “Don’t worry, our name hasn’t changed. We’re still Coach. Our parent company, Coach, Inc., will be known as Tapestry, effective 10/31.”

They were all saying, in effect, “Keep your hands off MY brand!” Coach should be flattered and thankful. That their customers reacted so strongly is a sign how emotionally invested they are to the brand. Other companies dream of attaining that level of customer loyalty.

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That is why, for example, that Mastercard has run their “Priceless” commercials for years. They wish to be recognized as much more than just a financial transactional instrument and network.

So, should they have changed their corporate name to Tapestry? A previous Brand Identity post commented on Restaurant Brands International. Three years later, how many people know that this is the name resulting from the Burger King/ Tim Hortons merger? Do people know that Alphabet is the corporate name of Google?

There is nothing inherently wrong with the Tapestry name. The name works well to communicate that the company has become a collection of separate, independent fashion brands. And yet, it is not clear what are the benefits of a separate name that will not be visible at the consumer level. It is also not clear what benefit there is on the corporate side either, whether it be with the investment community or in the pursuit of future acquisition.

It therefore remains to be seen, in the medium to long-term, what impact this branding exercise will make to the company. In the meantime, Tapestry can be happy knowing they have such strong retail brands.
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