Fans jeer Coach after Tapestry sub

Luxury handbag maker Coach risked Wall Street and social media ire on Wednesday by announcing a change of its corporate name to Tapestry, as it evolves into a multi-brand upscale retailer.

The company’s shares fell 2.8 percent, to $38.87. Analysts attributed the decline to strong results from rival LVMH on Tuesday, and to a broader selloff in the consumer discretionary space on Wednesday.

Still, social media reacted harshly to the 76-year-old company changing its well-known corporate identity, with many Twitter users criticizing the decision of choosing an old-fashioned name of like Tapestry to be the holding entity that houses the Coach, Kate Spade and Stuart Weitzman brands.

“This is bizarre & a strategy departure. Dying to know the logic,” Andrea Wasserman, a former Nordstrom and Hudson’s Bay executive, wrote on Twitter following the news.

The derision kept coming as people questioned and even mocked the move.

“$COH changing its name to “Tapestry” is a horrible branding idea. Fire the executive who proposed the change,” J Christian Bernabe, a nonprofit digital content director, tweeted.

Chief Executive Victor Luis, however, played down the social media backlash.

“At the end of the day some of the social media reaction is misplaced because people think we are changing the name of the Coach brand, which we are not doing,” Luis said.