"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," explained Victor Luis, chief executive. “In Tapestry, we found a name that speaks to creativity, craftsmanship, authenticity and inclusivity on a shared platform and values."
"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."
Luiz further explained the strength in the three brands lies in both their similarities and differences: "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."
In January 2015, Stuart Weitzman became Coach's first acquisition, purchasing the shoe brand for $574 million. "In Coach, we have found a strategic partner that respects our culture, and offers the scale, resources and global business acumen to enable us to realise our full potential," said Weitzman at the time. With an eye to continuing to captivate the millennial audience, Kate Spade was added to the Coach portfolio in May 2017 for $2.4 billion.
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