Coach, Inc. to Change Its Name to Tapestry, Inc.
October 11 2017 - 9:15AM
Business Wire
Coach, Inc. (NYSE:COH) (SEHK:6388), a leading New York-based
house of modern luxury accessories and lifestyle brands, today
announced that it will be changing its name to Tapestry, Inc.,
(NYSE:TPR) effective October 31, 2017.
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the full release here:
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Victor Luis, Chief Executive Officer of Coach, Inc., said,
“Three years ago we laid out our vision to transform Coach and
announced our intention to grow beyond the Coach brand. Through the
execution of our strategic plan and with the acquisitions of Stuart
Weitzman in 2015 and Kate Spade & Company just this summer, we
have realized these goals. 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, all
leveraging our strong operational foundation. Each of our brands
has a unique proposition, fulfilling different fashion
sensibilities and emotional needs within the very attractive and
growing $80 billion global market for premium handbag and
accessories, footwear and outerwear. At the same time, our brands
are also built upon the shared values of optimism, inclusivity and
innovation.
“We searched for a name to reflect these values while also
expressing the cultural diversity of our people and our brands for
today and tomorrow. In Tapestry, we found a name that speaks to
creativity, craftsmanship, authenticity and inclusivity on a shared
platform and values. As such, we believe that Tapestry can grow
with our portfolio and with our current brands as they extend into
new categories and markets. The name embodies our creative
brand-led and consumer-focused business, while also representing
the deep heritage of the group. Most importantly, we are
establishing a strong and distinct corporate identity, which
enables our brands to express their individual personalities and
unique language to consumers.”
The leadership team at Coach, Inc. partnered with renowned
brand agency, Carbone Smolan Agency on all aspects of the
rebrand.
Coach, Inc. will become Tapestry, Inc. on October 31, 2017. It
is a New York-based house of modern luxury lifestyle brands. The
company’s portfolio includes Coach, kate spade new york and Stuart
Weitzman. Our company and our brands are founded upon a creative
and consumer-led view of luxury that stands for inclusivity and
approachability. Each of our brands are unique and independent,
while sharing a commitment to innovation and authenticity defined
by distinctive products and differentiated customer experiences
across channels and geographies. To learn more about Tapestry,
please visit www.tapestry.com. The company’s common stock is traded
on the New York Stock Exchange under the symbol COH, which will
change to TPR on October 31, 2017. The company’s Hong Kong
Depositary Receipts are traded on The Stock Exchange of Hong Kong
Limited under the symbol 6388.
Neither the Hong Kong Depositary Receipts nor the Hong Kong
Depositary Shares evidenced thereby have been or will be registered
under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and may not be offered or sold in the United States or to,
or for the account of, a U.S. Person (within the meaning of
Regulation S under the Securities Act), absent registration or an
applicable exemption from the registration requirements. Hedging
transactions involving these securities may not be conducted unless
in compliance with the Securities Act.
This press release contains forward-looking statements based on
management's current expectations. Forward looking statements
include, but are not limited to, statements about the consummation
and timing of the proposed name change and the anticipated benefits
thereof, as well as statements that can be identified by the use of
forward-looking terminology such as "may," "will," “can,”
“believe,” “establish,” "expect," "intend," "anticipate,"
“leveraging,” “plan,” or comparable terms. Future results may
differ materially from management's current expectations, based
upon a number of important factors, including risks and
uncertainties such as expected economic trends, the ability to
anticipate consumer preferences, the ability to control costs and
successfully execute our transformation and operational efficiency
initiatives and growth strategies and our ability to achieve
intended benefits, cost savings and synergies from acquisitions,
etc. Please refer to Coach Inc.’s latest Annual Report on Form 10-K
and its other filings with the Securities and Exchange Commission
for a complete list of risks and important factors.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171011005230/en/
Analysts & Media:For Coach, Inc.:Andrea Shaw Resnick,
212-629-2618Global Head of Investor Relations and Corporate
CommunicationsorChristina Colone, 212-946-7252Senior Director,
Investor Relations
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