Coach Inc (NYSE:COH) announced that the company is changing its name to Tapestry.
The move comes as the Coach brand will no longer embody the full extent of what the company represents. The new company will be a multi-brand, high-end retailer.
The company’s decision has caused many fans of the brand to lash out at it due to the iconic nature of it. Tapestry has been around for 76 years, owning more brands than simply Coach, including Kate Spade and Stuart Weitzman.
“This is bizarre & a strategy departure. Dying to know the logic,” Andrea Wasserman, a former Nordstrom and Hudson’s Bay executive, wrote on Twitter after the announcement was made.
“Tapestry is a terrible name. Sounds like something you’d find at a Hallmark Gold Crown store right next to (shudder) Vera Bradley.
#coach,” said another user on Twitter.
However, CEO Victor Luis noted that the social media reaction is knee-jerk and fans will eventually warm up to the new name. “At the end of the day some of the social media reaction is misplaced because people think we are changing the name of the Coach brand, which we are not doing,” Luis told Reuters.
“It’s really about creating a new corporate identity for Coach as a house of brands,” he added.
COH stock fell close to 3% after the announcement was made on Wednesday.