There are so many fake key fobs on Ebay it is ridiculous!! Coach did not make Disney/Mickey Mouse or Hello Kitty keyfobs.
To me, counterfeiting the keyfobs seems like it would be very cost effective for them. Mass Manufacture them for a cost of $1 each or whatever and sell them for $10 and resell for $25 , etc. etc.
BTW, although Coach's keychains are cheaper than most any other item, I'm sure some people still find it hard to spend $50 on a key chain!