American retailer Coach, known for its leather handbags and accessories, is renaming itself Tapestry, looking to change its image as it seeks sales growth amoung younger customers.
Coach bought smaller rival Kate Spade for $2.4 billion earlier this year and shoemaker Stuart Weitzman in 2015, broadening its portfolio and transforming it into an upscale fashion house rather than just a handbag retailer.
According to the company's Chief Executive Officer Victor Luis, "We are now at a defining moment in our corporate reinvention".
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Indeed, social media users have not been too happy about this change, after 76 years as an industry leader.
Former Nordstrom and Hudson's Bay executive Andrea Wasserman, for example, tweeted, "This is freakish & a strategy departure".
"$COH changing its name to "Tapestry" is a terrible branding idea".
On Wednesday, Coach Inc., the company that owns the Coach brand, announced it would officially change its name to Tapestry Inc., effective October 31. "Fire the executive who proposed the change", J Christian Bernabe, a nonprofit digital content director, tweeted.
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The name change ushers in a new era for the luxury goods maker.
The Coach brand of bags and other goods is alive and well, but it becomes one of three brands sold by the company that will be called Tapestry.
Coach, however, has lost some of its shine in recent years in part due to the financial recession and increased online shopping.
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The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link . Analysts are also projecting an Average Revenue Estimate for Carnival Corporation as $4.17 Million in the Current Quarter.