Kate Spade was an American fashion designer & entrepreneur, who founded the luxury fashion line 'Kate Spade New York' in 1993 & served as its co-owner until 2006, before selling her shares.
With a start-up as a handbag line, her luxury fashion design house soon expanded to clothing, jewelry & fragrances, collecting millions of dollars revenue per year.
Tragically, the Kansas City-born was found dead in 2018 (at age of 55) in her New York apartment; her death was ruled "suicide by hanging".
Indeed Kate's death is a loss to the luxury fashion industry, who contributed in the launch of luxury handbags, which remains among an anticipated choice of fashionistas.
Considered one of Most Creative People in Business by Fast Company, Kate Spade died in 2018, after 12 years of selling her all of her ownership at Kate Spade New York in 2006.
According to Celebrity Net Worth, at the time of death, then-55 years old entrepreneur & fashion designer had a net worth of $200 million.
Kate Spade's hefty wealth accumulation came after she founded luxury fashion house Kate Spade New York in 1991, with a multi-million dollar shower annually from its sales.
Thereafter, she sold a business equity stake in 2 stages: first 56% for $34 million & then remaining 44% for $59.4 million, both to Neiman Marcus Group.
The Kappa Kappa Gamma sorority graduate, Kate Spade, initially worked at the accessories department at Mademoiselle magazine from 1986 to 1991, where her starting salary was $14,000.
After leaving Mademoiselle, she founded luxury fashion house Kate Spade New York in 1993 along with her then-boyfriend Andy Spade (later would become her husband).
Reportedly, Andy invested $35,000 from his 401K account to fund for production of Kate Spade New York handbags, which released an iconic handbag- the mixed texture of infused classic shapes, colors, and fabrics.
Kate Spade's luxury bags within a range of $150 to $450 soon became popular & expanded with the production of clothing, jewelry, shoes, stationery, eyewear, fragrances & gifts.
By 1998, the business line collected an annual revenue of $27 million & in 2006, it made $99 million in earnings.
In 1999, Kate sold 56% of stake in Kate Spade New York to Neiman Marcus Group for $34 million & later in 2006, she sold her remaining 44% in the fashion line again to the same company for a reported $59.4 million.
As reported, Kate & Andy gave up their ownership to spend more time with their daughter Frances Beatrix Spade.
In November 2006, Neiman Marcus Group sold Kate Spade New York to Liz Claiborne Inc. for a reported $124 million.
Soon the new owner of the fashion line Liz Inc. renamed their acquisition to Kate Spade & Company on February 25, 2014.
In July 2017, the Kate Spade & Company was acquired by Tapestry, Inc. (formerly then known as Coach, Inc) for $2.4 billion.
In 2016, Kate launched a new line of footwear & handbags named Frances Valentine. After her death in 2018, the line dedicated a collection of designs 'Love Katy' in her memory.
The late American entrepreneur & fashion designer lived with her husband Andrew "Andy" Spade & daughter Frances in New York until her death.
She & Andy had bought the property 2-bedroom & 2.5-bathroom spread on 3,025 sq. ft. for $2.675 million in 1999.
Following a year of her death, the apartment was put in the market in June 2019 with an asking price of $6.35 million. No report on the property's transaction is out.
As for a fact, she was found dead in the same Manhattan apartment in New York on June 5, 2018, & the cause of her death was ruled a suicide by hanging.
According to her husband Andy's statement, Kate was suffering from depression and anxiety for many years.
Did you know? After a year & 2 months of Kate Spade's death, Andy moved with his daughter to Oakland, California- he had purchased the Mission-style home in June 2019 for $3.5 million.
Kate married Andy Spade, an entrepreneur & brother of actor David Spade, in 1994. Together, they welcomed daughter Frances Beatrix Spade on February 18, 2005.
Reportedly, Kate & Andy were living separately for around 10 months before she committed suicide, though, they were not planning for divorce. Andy resided in the neighboring houses to Kate.
Kate was born on December 24, 1962, in Kansas City, Missouri, the USA, to Francis (Frank) Brosnahan & June (Mullen). Her father owned a road-construction company.
As reported, just 15 days after Kate's death & one day before the funeral, her father Francis died on June 20, 2018, at the age of 89.
Spade's niece Rachel Brosnahan is an actress, through her elder sister Reta Saffo, who has been estranged from the family for over a decade.
Kate Spade graduated from St. Teresa's Academy & enrolled at the University of Kansas & then transferred to Arizona State University. Later, she joined & obtained a journalism degree from Kappa Kappa Gamma sorority in 1985.C C