The popular leather handbag and shoe line will still go by Coach, only now under the larger Tapestry corporate name. Coach shares fell as much as 2.8 percent to $38.90 in NY, the biggest intraday drop in more than three weeks.
The derision kept coming as people questioned and even mocked the move.
The corporate name change, effective October 31, is part of Coach's pursuit of younger shoppers who may not feel the same draw to store windows on Manhattan's Fifth Avenue.
"We are now at a defining moment in our corporate reinvention", Chief Executive Officer Victor Luis said Wednesday in a statement. "Fire the executive who proposed the change", J Christian Bernabe, a nonprofit digital content director, tweeted. "It's really about creating a new corporate identity for Coach as a house of brands". Luis said of the acquisition at the time that Kate Spade's "strong awareness among consumers, especially millennials", was a driving factor behind the buy.
Say goodbye to Coach.and hello to Tapestry. 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.
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.
Coach Inc. will also be changing its ticker symbol on the New York Stock Exchange from "COH", to "TPR". Shares of the company declined more than 3 percent to $38.77 in afternoon trading.