The Fashion monger who is the former co-owner of the designer brand Kate Spade New York and current owner of Frances Valentine brand, which was launched in 2016. The fashionista, who began her career in a 400-square foot boutique in the year 1993. Kate Spade’s net worth is a whopping $200 million today. That’s quite a growth in two and half decades!
Kate Valentine, formerly known as Kate Spade (born Katherine Noel Brosnahan), was born and raised in Kansas City, Missouri.
Kate (55), who graduated in Journalism, was first introduced to the world of fashion in the year 1986 when she worked in the accessories department of Mademoiselle in Manhattan. That is where she met the love of her life Andy Spade, whom she married in 1994.
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While working in Mademoiselle, she observed that the fashion market lacked stylish and sensible handbags. She soon left her job in 1991, to begin a line of her handbags.
Kate, along with her husband Andy, incorporated a design company Kate Spade Handbags. Although initially, the company designed only handbags, when the business picked up eventually, the company was extended to various lines that included clothing, jewellery, fragrance, gifts and others.
Inspired by the success of her business, Kate, in 2004 launched another brand Kate Spade at home that features home needs and decors.
However, in 2006, she sold all her shares in Kate Spade New York for $59 million, including the Rights to use the Brand Name. She took a break from her business to raise her daughter who was born in 2005.
In the year 2016, Spade launched a new fashion brand Frances Valentine, which features stylish shoes and handbags, because of which she changed her last name to promote her new brand. Recently, Fast Company, named Kate as one of the most creative people in the business.
According to an analyst at Customer Growth Partners, the handbag industry has seen a 12% growth during the past six years, when compared to 2% growth rate before.
Currently, the company has over 140 outlet stores across the US and more than 175 shops internationally.
Kate Spade Net worth and Assets
Although the exact worth of Kate Spade as of 2018 is not yet known, it is estimated to be around $200 million based on previous years’ net worth. Kate, along with her husband Andy and daughter Frances Beatrix Spade lives in an apartment, on the Upper East Side of New York.
The fashion designer’s apartment is filled with an exotic collection of art, including a collection of ashtrays, photographs, books etc.
Endorsers of Kate Spade Brand
Various celebrities including actors Bernadette Peters and Zosia Mamet and athletes Justin Peck and Xin Ying endorse Kate Spade brand.
One of the unique features of Kate Spade bags is as much as it tries to remain on the trendy high-fashion side; it imbibes charitable purpose right from the production.
According to an article published by BBC news, Kate Spade chose its factory outlet at Rwanda, Africa, with a vision to provide employment to women there and also to make them feel independent.
In fact, the factory is not owned by Kate Spade but is an official supplier creating a win-win situation for the factory and the company. Kate Spade also contributes to charity through an organisation New York Center for Children.
Kate has not only introduced fashion to whole another world but also has explored most of the fashion areas and has successfully shown off her skills as a fashion designer.
To take a business from a 400 square-foot shop to more than 175 outlets all over the world takes not only the hard work but passion too. She indeed has set the trend in fashion ranging from bags, shoes to anything and everything that a woman desires! Fashion world salutes our dear Kate!
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