Iconic luxury handbag maker Coach Inc. (NYSE:COH) will be changing its corporate name to Tapestry Inc, at the end of October. When the name change goes into effect, the company will start trading under the ticker symbol “TPR” on the New York Stock Exchange. Its new website, tapestry.com, is already live.

Tapestry will be the holding entity that houses the Coach, Kate Spade and Stuart Weitzman brands. A source familiar with the matter said employees were notified of the renaming this morning in a town hall shortly before the news was released to the public. Coach worked with the Carbone Smolan Agency on all aspects of the rebrand.

Coach has grown into a multi-billion dollar company since its founding in Manhattan in 1941. Coach handbags have been highly coveted by wealthy women shoppers around the world for many years. In recent years, Coach has been working on evolving into a multi-brand upscale retailer rather than just a pricey handbag retailer.

Coach CEO Victor Luis said, “We are now at a defining moment in our corporate reinvention, having evolved from a mono-brand specialty retailer to a true house of emotional, desirable brands.” Social media reacted harshly to the news of the renaming and the company’s shares fell as much as 3 percent after the announcement.

The company laid out its initial vision to grow beyond the Coach brand three years ago. The company is trying to regain some of its former glory lost with the financial recession and increase of online shopping. Coach has kept discounting at a minimum and has pulled back from selling its products in department stores.

The renaming will reflect its expanding house of brands. Coach bought shoemaker Stuart Weitzman in 2015 and accessory and apparel brand Kate Spade earlier this year. The company is also rumored to be pursuing acquisitions of Bally and Jimmy Choo.

The new moniker is also meant to reflect the cultural diversity of its portfolio. Luis said in his statement. “In Tapestry, we found a name that speaks to creativity, craftsmanship, authenticity and inclusivity on a shared platform and values. As such, we believe that Tapestry can grow with our portfolio and with our current brands as they extend into new categories and markets.”

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