To better incorporate all of the brands it now owns, the storied Coach company of NY is changing its name to Tapestry.
COH stock fell close to 3% after the announcement was made on Wednesday.
"This is freaky & a strategy departure. Fire the executive who proposed the change", J Christian Bernabe, a nonprofit digital content director, tweeted.
However, CEO Victor Luis noted that the social media reaction is knee-jerk and fans will eventually warm up to the new name.
Starting at the end of the month (although the website is already live), the New York-based company known for its leather goods will be known as Tapestry. This included signing performer Selena Gomez as Coach brand ambassador in December 2016.
Founded in a loft in Manhattan in 1941, Coach has grown into a multi-billion dollar company, building its business on the success of its Coach handbags that for many years were widely coveted by wealthy women shoppers around the world. But in recent years, the oversaturation of Coach bags at outlet shops and malls across the USA has caused the company to lose some of its footing with falling sales and profits. The company is trying to regain its former glory buy buying new brands, keeping a tight lid on discounting and pulling back from department stores. Designer Kate Spade herself, no longer affiliated with the company, changed her name to Kate Valentine to reflect her new shoe and handbag line, Frances Valentine. Shares of the company declined more than 2 percent to $39.11 in morning trading. Coach also owns boot maker Stuart Weitzman, which Coach bought in 2015, and fellow handbag maker Kate Spade, which Coach acquired earlier this year.