New York Police Department sources say that on Tuesday, Kate Brosnahan Spade committed suicide by hanging herself in her Manhattan apartment. Spade was known for designing a line of affordable and fashionable purses.
According to NYPD Chief of Detectives Dermot Shea, the police were called at 10:10 a.m. when Spade was discovered by her housekeeper. There was a suicide note there, he said. Two sources in the NYPD claim that Spade wrote to her daughter in the note.
In addition to Spade, according to one of our sources, her husband is mentioned in the note. Kate Spade New York was founded in 1993, and the designer, now 55 years old, launched her first store there in 1996.
Kate Spade’s Net Worth At The Time Of Her Death
As reported by Celebrity Net Worth, Kate left behind $200 million when she passed away. How did she manage to amass such a fortune, then? It was in 1991 that Spade felt uninspired by the handbag market, and at this time, her then-boyfriend Andy Spade urged her to make her bags, as reported by Town & Country.
A mere three years later, in 1993, the couple launched Kate Spade & Co. with a meager $35,000. Spade then began making the handbags that would become her trademark style, many of which echoed techniques carried by her mother.
Though her name will always be associated with fabulous handbags, Spade expanded her line to encompass apparel, jewelry, stationery, and more. According to Town & Country, Spade’s company earned $1.5 million by 1995.
The pair founded Kate Spade New York in 1996, and by that year, they had made $6 million. Spade expanded to Japan and California two years later, where it has seen even greater success. Neiman Marcus reportedly spent $33.6 million in 1999 to acquire 56 percent of Kate Spade New York.
Kate Spade is dead, it’s honestly kinda disgusting how they’ve continued to bastardize the brand with low quality collaborations since her death. Rebrand under a new name at the VERY least. Your products don’t have the appeal they had while she was living.
— 𝕃𝕦𝕔𝕜𝕪 ❁ (@ItsLuckyPurr) August 28, 2022
Kate Spade Career
Kate has over 175 stores worldwide, with 140 in the United States alone. Her iconic, kooky namesake brand was her claim to fame. She gave Neiman Marcus $33.6 million in 1999 for 56% of the company. In 2006, the company was formally sold.
Celebrities still favored the brand even after it had been sold. Increasing Kate Spade’s visibility, Kate Middleton wore the brand to raise awareness for World Mental Health Day. In 2017, she and her husband Andy Spade launched the accessory brand Frances Valentine.
They had to alter their shoe and bag collection to comply with legal requirements, although the brand was visually identical to Kate. That company was acquired by Coach, Inc. in May of 2017 for $2.4 billion.
Who Owns The Kate Spade Brand Now?
As of the year 2022, then, who officially controls the Kate name? Business Insider reports that in 2006, Spade sold the company’s remaining shares to Neiman Marcus. Afterward, Neiman Marcus sold Kate Spade New York to Liz Claiborne for around $124 million.
Andy Spade, the firm’s former CEO, and Kate Spade, the company’s former head designer, left the company in 2007. Today, Tapestry is the proud owner of the storied Kate Spade label. Tapesty is the owner of both Coach and Liz Claiborne.
A new Kate, named Kate Valentine Spade, debuted in 2016. According to People, she wanted to get away from her previous reputation, so that year, she and Andy Spade introduced their accessory business, Frances Valentine. She told People that she didn’t miss being the boss of her own handbag company.
Kate Spade Death
On June 5th, 2018, a housekeeper discovered Spade dead in her Manhattan apartment. As far as we can tell, she killed herself. According to the police, she had left a note for her daughter. A statement from Andy Spade was made the day after the death of his wife.
Kate’s bouts with despair and anxiety lasted for quite some time. Far too many people lost their lives to her disease, but she actively sought help and collaborated closely with specialists to manage it.
The previous evening, we had a conversation with her and she sounded upbeat and content. We had no prior knowledge that she would act this way and gave no warning. It caught everyone off guard. As opposed to her, obviously. She was fighting off her inner demons.
Kate Spade New York, the brand’s namesake location in Manhattan (and subsequently other stores worldwide), put a notice in the window after she passed away reading: The creative force behind our company, Kate Spade, has died away. At this terrible time, our hearts go out to her loved ones. We celebrate the grace she bestowed on the world.