The creator and owner of the popular brand “Kate Spade” was Kate Brosnahan Spade. She lived in New York City in 1985 after earning a degree from Arizona State University in journalism. While there, she worked as an accessories editor for Mademoiselle magazine, eventually working her way up to senior fashion editor and head of accessories. She left six years later in 1991 so she could focus more on her own company that she was trying to start. With her extensive knowledge of accessories and fashion, she started her own handbag company and opened a small boutique in 1993. “Her handbags were distinctive for their modern, sleek look, pops of color and utilitarian shapes.”
As time went on, her husband, Andy Spade became her partner, and their business soared. It expanded to other countries outside of the United States, and she began to create more products than just her luxury handbags. She designed multiple new product lines and categories, and sold them in over 450 stores worldwide.
In 1999 her and her husband sold a 56% stake of the company for 33.6 million dollars to the Neiman Marcus Group, and then in 2006, the remaining stake was sold to them for $59 million.
This story is interesting, most married couples do not work together let alone be partners in business. Kate Brosnahan Spade had the knowledge do start her own business even though she had moved up in her previous job, she took a risk even when she did not have to. Entrepreneurship is all about taking risk and having the knowledge to pursue the things that they like to do in life rather than being comfortable.
Kate Spade was extremely successful as an entrepreneur, as she took a great risk and created a business of ultimate success that continues to grow and live on even after being sold.
It is great to read stories about hard work paying off. Kate leaving her job to focus on her own business was a bold move but definitely one that an entrepreneur would take. It is so sad that she died.
With Risk comes reward! This is an inspiring story of working hard and confidently going in the direction of your dreams- I don’t know if everyone is confident enough to leave their job- but I commend that. Although I am no aficionado of handbags- it seem that Kate Spade is a legacy she would be proud of.