Dive Brief:
- Handbag designer Kate Spade was found dead in her Manhattan apartment on Tuesday morning, according to multiple news reports. Police determined she died by suicide, according to the New York Times.
- Spade and her husband Andy launched the Kate Spade company in 1993 and 13 years later sold it to Neiman Marcus after a swift and massive expansion, as fashionistas gravitated to her pop colors and preppy, architectural twist on handbags and shoes. After more changes in ownership, she left the business in 2007. More recently the team launched a new venture, Frances Valentine, named after their daughter.
- Spade's eponymous brand was acquired by Tapestry last year for $2.4 billion, in a move hailed by some analysts as an opportunity for the conglomerate, which is dominated by Coach, to swiftly reach a wider, younger set of consumers; others thought the price was steep.
Dive Insight:
Kate Spade the brand has held onto the essence that captivated so many and launched the Spades' success.
The brand and its fans are now in mourning. "Kate Spade, the visionary founder of our brand, has passed," reads the pinned Tweet on that page. "Our thoughts are with her family at this incredibly heartbreaking time. We honor all the beauty she brought into this world."
— kate spade new york (@katespadeny) June 5, 2018
Spade, a Kansas City native, didn’t rise up through any traditional New York design trajectory, via fashion school or at an established fashion house. Rather, as accessories editor at Mademoiselle magazine, she grew frustrated searching for handbags that fit her aesthetic vision for layouts, and eventually turned to creating her own.
Social media all day Tuesday swirled with photos and memories, from celebrities to ordinary people from all walks of life. For many, a Kate Spade handbag was the first accessory that wasn't part of dress-up play, or the first designer bag they could afford.
My grandmother gave me my first Kate Spade bag when I was in college. I still have it. Holding Kate's family, friends and loved ones in my heart.
— Chelsea Clinton (@ChelseaClinton) June 5, 2018
I am heartbroken about the news of Kate Spade. I have worn her clothes many, many times. They were colorful, bold, cheerful, and encouraged women to find the twinkly person inside them. You couldn't walk into her boutiques and not smile. Rest In Peace, Kate.
— Mindy Kaling (@mindykaling) June 5, 2018
Kate Spade and Co donated handbags to our scholars, so they'd show up at their internships looking great and feeling great. They always downplayed their gift, and maybe this sounds silly, but it was a big deal for our young women to show up to an important gig with a great bag. https://t.co/EbmpfSVhxZ
— Soledad O'Brien (@soledadobrien) June 5, 2018
Although Spade herself hadn't been working at the brand for more than a decade, the tragic news on Tuesday had a financial impact, as investors sent Tapestry shares down.
