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Following its acquisition of Kate Spade for $2.4 billion earlier this year in May and Stuart Weitzman shoe label for up to $574 million in 2015, Iconic leather luxury bag maker announced today the change of the soon-to-be-dropped name Coach Inc to Tapestry Inc. The change of the parent company name comes as a result of the evolution of the multi-brand into an upscale retailer as they are now at a defining moment in their corporate reinvention.Founded in 1941, the 76-year-old company has relied on it’s New York heritage, customer loyalty and prestige to fend off European imports. Yet, sales began to dwindle in recent years amid competition from Kate Spade and Michael Kors Holdings Ltd which recently purchased Jimmy Choo( which was speculated Coach was going to acquire for $1.2billion).

The company’s shares fell as much as 3 percent in early trading, which analysts attributed to strong results from rival LVMH on Tuesday, and to a broader selloff in the consumer discretionary space on Wednesday. With the announcement of the change, Coach received a lot of backlash on social media with a lot of fashion insiders and loyalists calling the change “a horrible branding idea”.

“In Tapestry, we found a name that speaks to creativity, craftsmanship, authenticity, and inclusivity on a shared platform.”The name change officially goes into effect Oct. 31. Tapestry will trade on the New York Stock Exchange under the symbol TPR, as opposed to the former COH.

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