Coach shares fell 16.4 percent to $50.75, as the company reported weak holiday-quarter results and unveiled a new strategy that calls for it to become a “head-to-toe” lifestyle brand by moving further into segments where it is a minor player, including shoes and clothing.

Per-share earnings missed Wall Street estimates by 5 cents. Net income in the second quarter was $352.8 million, or $1.23 per share, compared with $347.5 million, or $1.18 a share, a year earlier.