Coach (NYSE:COH) has certainly had a remarkable run. Since being spun out on its own from corporate parent Sara Lee (NYSE:SLE) in October 2000 at a split-adjusted price of less than $2.50, it's risen to more than $49 a share. Its products may have caught people's fancy, but I wonder whether the company's gotten a bit carried away. It may have strayed too far from its core handbags and wallets for its own good.

When I see a Coach-branded black stick umbrella selling for $148, and folding umbrellas for $88, I can't help whether they'd keep me any drier than my $10 Totes model does. And now Coach is selling dog leashes and collars for $78 each. What will it come up with next? The Coach brand name is very powerful, but when the company slaps it on so many things, it risks diluting that potency.

I think it's important for companies to keep seeking growth opportunities. They must never be satisfied with the status quo, no matter how good things are going. But it's also important for a firm to keep its core customers happy. Deckers Outdoor's (NASDAQ:DECK) high-end footwear product line UGG has tried to put its imprint on items such as gloves and handbags, with mediocre results. Saks (NYSE:SKS) wandered way out of its comfort zone, but over the past couple of years, it has sold its department store chains, which catered more to middle-income consumers, to refocus on its traditional high-end clientele.

Coach has certainly had a great run. I'm not saying things are about to become unhinged. But at 30 times trailing earnings, the leather goods firm's expectations are high. I wonder whether it's being set up for a fall.

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Fool contributor Larry Rothman is happy to receive feedback, and promises to read it when not being wrestled by his three children. Feel free to email him at rothmanviews@comcast.net. He doesn't have any positions in the companies mentioned. The Fool's disclosure policy is priceless.