Kate and Andy Spade are leaving the building, or at least their brand. Liz Claiborne Inc. acquired the accessories brand last November (for a reported $124 million plus debt) and Kate (designer) and Andy’s (CEO) service agreements are about to expire.
According to a report in today’s WWD, the Spades cited personal reasons for
leaving their roles. They will stay on as
members of the board.
The Spades are waiting to exit until the end of Spring market next week. Andy
Spade will stay on until the end of 2007 to work on the brand’s ad
campaigns. Their exit comes at a pivotal time for the company, just as Claiborne
has put the accessories brand on a course for fast growth.
Come on…who didn’t have a Sam bag?
Tags: Sam Bag