Coach Inc. Is Officially Changing Its Company Name to Tapestry Inc.

Coach is making a major change to its name.

On Wednesday, Coach Inc., the company that owns the Coach brand, announced it would officially change its name to Tapestry Inc., effective Oct. 31.

Does this mean your favorite Coach handbag will soon feature a label that reads "Tapestry"? The answer in short: No.

The Coach brand's name will remain untouched. According to Coach Inc., the switch in the company name is being made to better reflect the soon-to-be-named Tapestry Inc.'s brand portfolio, which also includes Stuart Weitzman and Kate Spade.

"Three years ago we laid out our vision to transform Coach and announce our intention to grow beyond the Coach brand. Through the execution of our strategic plan and with the acquisitions of Start Weitzman in 2015 and Kate Spade & Company just this summer, we have realized these goals," Coach Inc. Chief Executive Officer Victor Luis said in a statement, according to The New York Times.

"We searched for a name to reflect these values while also expressing the cultural diversity of our people and our brands for today and tomorrow. In Tapestry, we found a name that speaks to creativity, craftsmanship, authenticity, and inclusivity on a shared platform and values," he continued. "As such, we believe that Tapestry can grow with our portfolio and with our current brands as they extend into new categories and markets."

The Coach brand's celebrity ambassadors include stars like Chloë Grace Moretz and the brand's Creative Director Stuart Vevers recently teamed up with Selena Gomez for a collaboration that includes the Selena Grace handbag ($395; coach.com).

In 2015, Coach acquired Stuart Weitzman for $574 million, and Kate Spade for $2.4 billion in May of this year.