Coach changing its name to ‘Tapestry’

(CNN) — Fashion company Coach announced Wednesday it is changing its name to “Tapestry.”

The change takes effect on Halloween, but the news may have already scared some investors.

Shares of Coach dropped than two percent after the announcement.

Fans of Coach handbags and wallets needn’t worry, the stores and accessories will retain their current branding.

In fact, the company says that for consumers, nothing will change at all.

The new name was mainly prompted by Coach’s expanding corporate portfolio, which includes Kate Spade and boot maker Stuart Weitzman.

Those brands will also retain their current names.

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