As Coach (COH) prepares to bag up rival handbag and accessories maker Kate Spade (KATE) , several companies could be quaking in their trendy boots.

On Monday, Coach announced its plan to acquire Kate Spade for $2.4 billion, representing a 27.5 percent percent premium to Kate Spade's Dec. 27 closing price, when Wall Street began to speculate about the takeover. In early morning trading, shares of Kate Spade surged 8.1 percent to $18.43. Coach's stock rose 6 percent to $45.23.

The deal likely comes as no surprise to investors, as Coach CEO Victor Luis, who was appointed in January 2014, has made it known that he is interested in revving up acquisitions to boost the company's presence in "three spaces -- the handbag and accessory space, the footwear space [and] outerwear as well as other luxury retail categories," he told TheStreet in an interview.

Coach's last deal came in January 2015, when it spent $574 million to buy designer footwear maker Stuart Weitzman.

The Kate Spade transaction is expected to close in September.

Here's three companies that should be worried about the combination.

Watch: Coach to Buy Kate Spade in a $2.4 Billion Deal

Fossil

Watchmaker Fossil Group (FOSL) has a license agreement with Kate Spade through 2025 to manufacture its watches. But, Piper Jaffray analysts said in a note on Monday that they are "unsure what a change in control will do to this license." Coach manufactures its watches through Fossil competitor Movado Group (MOV) .

Michael Kors

Handbag and accessories brand Michael Kors (KORS) , a competitor to both Kate Spade and Coach, is expected after the deal closes to experience certain near-term negative impacts within the handbag space, according to Piper Jaffray. Although long term, the analysts said the merger may actually help the entire industry as they predict the combined company will "pull back on flash-sales and clean up wholesale."

Schwartz & Benjamin

Schwartz & Benjamin, owned by Steven Madden (SHOO) , currently holds the license with Kate Spade to manufacture the company's shoes through 2020. Piper Jaffray said it does "not believe a change in control will impact this relationship," but it will remain to be seen.

If you liked this article you might like

Watch This Retail CEO Quickly Explain How to Survive Hurricane Amazon

Michael Kors Stock Has Nearly 50% Upside Even With Amazon Crushing Everyone

Coach CEO Perfectly Explains What Must Be Done to Survive Retail Apocalypse

Coach Has More On Its Plate Than Just Fashion Week Craziness

Coach Flaunts Hot New Look for Fashion Week