Tapestry, owner of Kate Spade brands, saw its stock fall on the news that the designer had passed away from an apparent suicide, according to law enforcement officials.
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Kate Spade, a former accessories editor at Mademoiselle, started Kate Spade in 1993, when she set out to design the perfect handbag and created just six silhouettes. The first store opened in New York City in 1996.
Over the years the company expanded beyond handbags to a complete lifestyle brand including clothing, jewelry, shoes, stationery, eyewear, baby, fragrance, tabletop, bedding and gifts.
Kate Spade was sold to Neiman Marcus Group in 1999 – which was later sold to Fifth & Pacific (formerly Liz Claiborne) in 2006. Kate Spade is currently owned by Tapestry, formerly Coach.
The Spades have not been involved with Kate Spade since 2007, according to The New York Times.
In 2016, Kate Spade and her husband Andy Spade, along with their longtime friends, Elyce Arons and shoedesigner Paola Venturi, launched the fashion endeavor, Frances Valentine.