Coach or Tapestry? Emotions Run Strong on Luxury Brand Change
Welcome to Weekly Conversations, where each week we will dig into a hot topic dominating social conversations and explore what matters to major audiences and influencers, using our audience intelligence engine Kairos and our audience marketing platform audience.ai to instantly gather insights from billions of real-time data points.
Read on to find out what we’re talking about this week (hint: C is confusion, concern and a luxury brand now by another name).
Loyalists Up in Arms
Sadness, anger, pride, confusion, and love—one brand and so many emotions.
Coach, a luxury fashion brand, announced its corporate name change to Tapestry on Wednesday. It’s a move that caused a flurry of social media commentary, each post offering a little more clarity or opinion than the last.
Using Kairos, we discovered which emotions were most present in the conversations around the brand name change, and why.
Turns out, Coach brand loyalists aren’t pleased. Sadness and anger held the highest share of the voice, our research found even though the iconic “C” is here to stay.
Sadness, which includes being upset, disliking and disappointment in its category determined by Networked Insights, carried the most weight in the conversation about Coach. The 76-year old iconic brand added Kate Spade to its respected collection of designers, which also includes Stuart Weitzman.
Last year, Coach purchased Stuart Weitzman, and recently acquired Kate Spade, too. The brand has said they changed the corporate name of their company to represent their new direction.
As Victor Luis, chief executive told the New York Times:
“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,” Luis said. “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.”
But that didn’t mean shoppers were going to accept it. Some stated they felt the name wasn’t strong enough to represent the brand they love.
“Tapestry is a terrible name. Sounds like something you’d find at Hallmark Gold Crown store right next to (shudder) Vera Bradley,” one Twitter user wrote, causing a flurry of shares and retweets.
Andrea Wasserman, a respected executive in the retail industry of Nordstrom fame, wanted a better reason for the name change since the Coach brand is so well loved.
Finally, others were concerned their collection of “C” adorned purses, shoes and clothing would suddenly lose value. Fair considering the stock name change and unaccepted announcement caused the brand’s listed shares dropped 3 percent, knocking $320 million off its market value.
Despite the virtual brand-focused vitriol, some came out to clarify that the beloved “C” logo isn’t going away.
Also, they pointed out that even though the corporate name will be Tapestry, it will not impact the designs of their now three brands – Coach, Kate Spade and Stuart Weitzman. That said, what this will all mean once it hits market at the end of the month, time can only tell.
To learn more about how you can also explore conversations about brands, get in touch with Networked Insights at: networkedinsights.com