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Period: to
1990-2016
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A Need for Better Handbags
Katherine (Kate) Spade worked as a style editor for Mademoiselle Magazine in New York City. She held a high position of senior editor/head of accessories. Kate Spade was tired of dreary black handbags and envisioned a world of colorful accessories. In 1991, she quit her job in order to start her own handbag line featuring bright colors and simple silhouettes.
Source: referenceforbusiness.com Date and month not accurate -
The Creative Process
Kate and her husband Andy withdrew all of their savings in order to start the Kate Spade line together. Kate designed handbags using tracing paper and scotch tape and chose a simple square design. Kate and Andy found it difficult to begin production of the handbags, as manufacturers did not want to waste their time with start-ups. Eventually they had found manufacturers to work with them and the first Kate Spade bags had been produced.
Source: referenceforbusiness -
Kate Spade Bags Make their Debut
Kate Spade bags made their debut at a trade show in the Jacob Javits Center. They were granted space in a small corner of the building. Rather than purchasing expensive displays, they used furniture from their small apartment. They still were able to attract the attention from buyers from Barney’s and Charivari. Luckily, Vogue covered the show in a small section of their magazine which attracted customers. From there, Kate Spade New York was ready to take off. Source:referenceforbusiness -
First Store Front
In 1993, the company generated less than 100,000 dollars. Two years later, that number grew to 1.5 million. In 1995 Kate Spade New York was able to have it’s first store front, a 2,800 square foot store on 29th Street in New York City with a showroom and manufacturing capabilities. The next year (1996), Andy quit his full-time job in order to work on the business more. Sales that year jumped to $6 million and they were able to open a new storefront and relocate their headquarters.
Source:Forbes -
Kate Spade Sues Gap and Kmart
Kate Spade bags had become popular enough, where knock-offs began to enter the market. In August of 1997, Kate Spade New York sued Gap Inc for producing a bag similar to Kade Spade’s nylon bag. Kate Spade won, and Gap was forced to take it’s product off the market. Kate Spade also sued Kmart that year for a similar problem
Source: Referenceforbusiness
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Kate Spade Grows Past Handbags
At the start of 2000, the Kate Spade business started expanding not only it’s number of stores, but also it’s product lines. There were three handbags boutiques located in New York, Boston, Beverly Hills, and in Manhattan. Two other stores, located in Greenwich, Connecticut, and Chicago, also were set to open. The company signed another licensing deal in 2000, an upscale women's eyewear. In 2001, they launched a homeware line and officially became a lifestyle brand.
Source: ReferenceforBusiness -
Kate Spade Continues to Grow
In 2003 and into 2004, many new Kate Spade stores surfaced in the United States. They opened stores in Boca Raton, Atlanta, Houston, Dallas, Charlotte, Chicago, Georgetown, San Francisco, and Manhasset and Central Valley, New York. In addition, in 2003 Kate Spade signed a distribution deal with a Hong Kong company to open 15 stores in the Asian market.
Source: Forbes -
Andy Spade steps down from CEO position
In April of 2004, Andy decided to step down from his position as CEO and to assume to position of a creative director instead. There were rumors that this decision was fueled by Neiman Marcus' comments about being dissapointed with that year's profits. Andy explained his decision by saying, "We grew so quickly, but Kate and I had to stop for a moment, as you do, and build your team, and really focus on the infrastructure."
Source: BuisnessInsider -
Kate Spade Steps Down
In 2007, Liz Clairborn acquired the company for $124 million. Kate remained CEO and Andy continued to work for the company for a few months, and then they both decided to leave the company to spend more time traveling and spending time with her daughter.
Source: MarketWatch -
Kate Spade in the Present
The Kate Spade Company continues to thrive. Within the last fiscal year the company generate $84 million in sales. There are over 140 stores across the United States and more than 175 stores internationally. They have a variety of product lines from handbags and clothing to jewelry, fashion accessories, fragrance, eyewear, shoes, swimwear, home decor, desk accessories, stationery, tabletop and gifts.
Source:KateSpade
