Kate Spade: live life colourfully
October 22, 2022
Kate Spade New York is an American fashion house founded by Kate and Andy Spade.
Kate Spade New York, founded in 1993 by Kate and Andy Spade, is an American fashion house. The company’s chief competitor is Michael Kors.
Katherine Noel Brosnahan (later known as Kate Spade) was born on December 24, 1962, in Kansas City, Missouri. A student in an all-girls Catholic high school, Kate eventually moved to Arizona where she attended Arizona State University and graduated in 1985. While attending university, she met her future husband, Andy Spade. Kate majored in journalism, while Andy majored in architecture.
After their graduation in 1986, the couple moved to New York City where Katherine worked as senior editor/head of accessories for Mademoiselle fashion magazine. In 1991 she left the magazine to start her own line of handbags.
Kate browsed local flea markets and secondhand stores and researched styles, fabrics, and potential production costs of making her own handbags.
In 1993, Kate Spade and her husband Andy Spade founded Kate Spade New York. In the beginning, the business produced the Sam handbag along with other colorful and playful bags. Finally, Andy withdrew $35,000 from his 401K account and he and Kate began to produce her line of handbags. With their main target market being the upper middle class, they produced handbags in classic shapes, colours and fabrics and the now iconic square bag with the little black label sewn to the outside of the bag that says Kate Spade New York.
In 1996, they opened their first shop in New York City’s SoHo neighborhood.
By 1998 the company started to expand, with sales totaling $27 million and one year later, Neiman Marcus Group paid $34 million for a 56% stake of the company. By 2006, revenue was reportedly near $99 million and Neiman Marcus Group acquired the remaining 44% stake in Kate Spade for $59.4 M, valuing the company at $134 M.
The Kate Spade company was sold again in November 2006 when Liz Claiborne Inc. bought it for about $124 million from Neiman Marcus Group.
Tapestry, Inc. bought Kate Spade & Company in July 2017 for $2.4 billion.
Today, there are 188 Kate Spade retail locations in the United States and 88 in Canada.
Gloria Sauvé
Communications and Marketing