Kate Spade New York, the brand synonymous with preppy home decor, clothing, and paper goods, has a brand new parent company. And it’s one you definitely know: Coach. The American heritage brand just bought KSNY for a whopping $2.4 billion.

Victor Luis, Coach’s CEO, said in the press release, “Kate Spade has a truly unique and differentiated brand positioning with a broad lifestyle assortment and strong awareness among consumers, especially millennials… In addition, we believe Coach’s extensive experience in opening and operating specialty retail stores globally, and brand building in international markets, can unlock Kate Spade’s largely untapped global growth potential.”

Despite Coach’s promise to “[preserve] Kate Spade’s brand independence,” a lot of people still skeptical about its future took to Twitter in droves to voice their outrage.

What do you think of Coach’s purchase? Tell us @BritandCo!

(h/t Allure; photos via Spencer Platt/Getty + Astrid Stawiarz/Getty)