Yes, you can do it. Nestlé is doing it now in 2015, with one of it's strongest brands. A bold move, Nestlé is re-naming KitKat to names like "Youtube Break" and "Adventure Break".
The fact is, you can do this with your brand, if it is strong enough (KitKat equity is incredibly strong), your brand communication is more than its name (and, if you look at this link, you will find the brand visuals are kept) and if the new name is completely aligned with your brand equity / communication idea - and what more "kitkatish" would you have than remembering that this brand is all about having a break, and enjoying a moment of pleasure?
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