Coach Inc. is changing its name to Tapestry, a moniker that the luxury goods company believes will better reflect its growing portfolio of brands as it looks to woo more young shoppers.
The company said Wednesday that the name change will take effect at the end of the month. It will also change its ticker symbol on the New York Stock Exchange from "COH" to "TPR."
Coach became a fashion powerhouse in the early 1960s through innovative designs for bags and other goods. The company now also owns two other fashion brands: Stuart Weitzman and Kate Spade & Co. As such, the name Tapestry is more inclusive, CEO Victor Luis said in a company release.
"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," Luis said.
Shares in Coach fell 2.8 percent Wednesday.
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