The luxury goods company Coach on Wednesday announced it has changed its name to Tapestry.
CEO Victor Luis said that the company chose Tapestry as its new name as it is more inclusive of its other brands.
“We are now at a defining moment in our corporate reinvention, having evolved from a mono-brand specialty retailer into a true house of emotional, desirable brands,” he said in a company release.
A website with the new name is currently live before the rebranding becomes official at month’s end.
The company that will become known as Tapestry will sell three brands, including Coach and its bags and other goods.
Coach previously bought Kate Spade for $2.4 billion earlier this year in an attempt to broaden its appeal.
The company also acquired Stuart Weitzman in 2015 in a deal that was valued at up to $574 million.
Some Twitter users on Wednesday criticized Coach for giving up its iconic branding for a new moniker.
Coach’s change into Tapestry is part of its strategy for courting younger buyers who may not feel the same attraction to its store windows on Manhattan’s 5th Avenue.
Coach, Inc. will also be changing its ticker symbol on the New York Stock Exchange from “COH” to “TPR” as part of the transformation.
Shares of the company then fell more than 2 percent to $39.11 in morning trading after the announced change.
Coach started as a small workshop in Manhattan in 1941, and it eventually turned into a fashion icon in the early 1960s through its innovative designs.
The Associated Press contributed to this report.