What was Kate Spade’s Net Worth?
Kate Spade was an American fashion designer and the founder of the luxury fashion brand Kate Spade New York. She had a net worth of $200 million at the time of her death in 2018.
Kate launched the brand with her husband, Andy Spade, in 1993. They started with a line of handbags and the company grew to include several retail outlets and high-end stores such as Saks Fifth Avenue and Bloomingdale’s.
Kate Spade built an international accessories business, branching out into new markets and offering products in a range of categories from eye-wear to shoes to paper goods.
In 1999, Kate and Andy sold 56% of the business to the Neiman Marcus Group for $34 million, but remained active within the brand. They sold the remainder of her stake in 2006 for $60 million.
Spade launched Frances Valentine, a line of luxury handbags and footwear, in 2016. She also published several books and invested in a small television network called Plum TV that broadcasts in Martha’s Vineyard, Nantucket, and the Hamptons.
Tragically, Kate Spade passed away in June 2018 from an apparent suicide.
Kate Spade: Early Life and Education
Kate Spade was born in Kansas City, Missouri on December 24, 1962, to June and Frank Brosnahan. Her mother was a housewife, and her father owned a road-construction company. After attending St. Teresa’s Academy, an all-girls Catholic high school, she went on to study journalism at the University of Kansas before transferring to Arizona State University. While in college, Spade worked at Carter’s Men Shop in Phoenix. She graduated with a degree in journalism in 1985. Spade was the aunt of “The Marvelous Mrs. Maisel” star Rachel Brosnahan, who described her as kind, sensitive, talented, funny and generous.
Kate Spade’s Career and Legacy
Kate Spade moved to NYC to work for “Mademoiselle” magazine, eventually founding Kate Spade New York with her husband. The company began with handbags and later expanded to clothing, jewelry, and more. In 2006, it was sold to Liz Claiborne Inc. for $124 million, and in 2017, Coach, Inc. bought it for $2.4 billion. After Kate’s death, her Frances Valentine label released the Love Katy collection in her memory.
Andy Spade and Kate’s Relationship
Kate Spade and Andy Spade met while working together at Carter’s Men Shop in 1983 and got married in 1994. They have a daughter named Frances Beatrix Spade who was born in 2005. Kate guest-starred as herself on David Spade’s NBC sitcom “Just Shoot Me!” in 2002.
Andy Spade revealed that the couple had been living separately for the past 10 months but were still committed to co-parenting their daughter. He stated that they were best friends trying to work through their problems and were never legally separated nor discussed divorce. Their daughter was their top priority, and they continued to vacation and eat meals together as a family.
Kate Spade’s Tragic Death
On June 5, 2018, Kate Spade, a renowned fashion designer, was found dead in her New York City apartment. She had reportedly hung herself with a scarf and left a note for her daughter. Her husband, Andy, released a statement the following day, revealing that Kate had been suffering from depression and anxiety for many years, and was actively seeking help and working closely with doctors to treat her disease. He also stated that there was no indication or warning that she would take her own life.
Spade’s funeral took place on June 21st in Kansas City, Missouri, one day after the death of her father. Two weeks after her death, Kate Spade New York pledged to donate $1 million to suicide prevention organizations and established a Mind, Body, Soul program for its employees around the world.
Accolades and Awards
Kate Spade was awarded “America’s New Fashion Talent in Accessories” by the Council of Fashion Designers of America (CFDA) in 1996, and “Best Accessory Designer of the Year” by CFDA two years later. She received multiple awards in 2004, including the “Elle Decor” International Design Award for Bedding, the “Bon Appétit” American Food and Entertaining Award for Designer of the Year, and the “House Beautiful” Giants of Design Award for Tastemaker. In 2017, Spade was inducted into the Henry W. Bloch School of Management’s Entrepreneur Hall of Fame, and was also named on “Fast Company’s” “Most Creative People in Business” list that year.
Kate Spade’s Park Avenue Apartment
In June 2019, Kate Spade’s 3,025 square foot Park Avenue apartment was listed for $6.35 million. Spade and her husband, Andy, purchased the two-bedroom, 2.5-bathroom home 20 years earlier for $2.675 million.
