I've looked at this for a while now, and though I think the design is a bit soft,I think the main issue with it comes from the designers being too clever with the photoshop tricks. The texture and unnecessary highlights make it look pink and detracts from any impact the main design may have,hopefully it'll appear in a bolder form.
The stripe across the shield looks familiar,as if they're trying to make a corporate link with another brand,but its half hearted and a bit awkward looking, not a good feature for a supposedly 'design' led brand.
Maybe it'll grow on me,in the meantime I'll reserve judgement.