What Was Kate Spade’s Net Worth When She Died?

At the time of her passing in 2018, renowned American fashion designer Kate Spade had a net worth of approximately $100 million. Best known for founding the luxury fashion brand Kate Spade New York, she launched the company in 1993 alongside her husband, Andy Spade, initially focusing on handbags. Over time, Kate Spade New York expanded into a global empire, offering accessories, shoes, eyewear, clothing, and more. Despite selling her stake in the company years earlier, Kate’s influence in the fashion world remained undeniable.

Early Life

Born Katherine Noel Brosnahan on December 24, 1962, in Kansas City, Missouri, Kate was raised in a Catholic household. After completing her education at St. Teresa’s Academy, an all-girls Catholic high school, she attended the University of Kansas before transferring to Arizona State University. Graduating with a degree in journalism in 1985, Kate briefly worked at a clothing store in Phoenix, which sparked her interest in fashion. Her niece, actress Rachel Brosnahan, fondly remembered her as a “beautifully sensitive, insanely talented” individual.

Rise of Kate Spade New York

Kate Spade moved to New York City to pursue a career in fashion, where she worked for “Mademoiselle” magazine, eventually becoming the head of accessories. In 1991, she left the magazine to establish her own brand. Along with Andy Spade, Kate used creativity and resourcefulness to launch her first line of handbags. Andy withdrew money from his 401(k) to fund the startup, while Kate used basic materials like paper and Scotch tape to design her prototypes. Their determination paid off when Barney’s, a renowned department store, ordered her bags, marking the beginning of Kate Spade’s success.

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In 1996, Kate opened her first store in New York’s SoHo neighborhood. Her handbags, priced between $150 and $450, became highly sought after for their chic, minimalist designs. By the late 1990s, Kate Spade New York was expanding beyond handbags, offering shoes, clothing, fragrances, and home decor items. The brand grew exponentially, reporting $99 million in sales by 2006, and had opened over 300 stores worldwide.

Sale of Kate Spade New York

In 1999, Kate and Andy sold 56% of their business to Neiman Marcus Group for $34 million, but they remained actively involved in the company. In 2006, they sold the remaining stake for $60 million. Later, in 2017, Coach Inc. (now known as Tapestry Inc.) purchased Kate Spade New York for an impressive $2.4 billion. Sadly, Kate and Andy were not beneficiaries of this sale as they had already sold their shares.

In 2016, Kate launched Frances Valentine, a line of luxury handbags and footwear, returning to the industry with her signature style. Tragically, just two years later, Kate Spade passed away, leaving behind a legacy that continues to inspire the fashion world.

Personal Life

Kate met her future husband, Andy Spade, in the early 1980s while working at Carter’s Men Shop in Phoenix. The two married in 1994 and welcomed their daughter, Frances Beatrix Spade, in 2005. Though they were living separately in the year leading up to her death, Andy emphasized that they remained close and focused on co-parenting their daughter.

Kate Spade Cause of Death

On June 5, 2018, Kate Spade was found dead in her Manhattan apartment from an apparent suicide. In the days following her death, Andy released a statement, noting that Kate had struggled with anxiety and depression but had been actively seeking help. Her passing sent shockwaves through the fashion industry and beyond. In response, Kate Spade New York pledged to donate $1 million to suicide prevention organizations.

Kate Spade Honors

Kate Spade’s career was marked by numerous accolades, including being named “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” two years later. She was posthumously inducted into the Henry W. Bloch School of Management’s Entrepreneur Hall of Fame in 2017.

Kate Spade Net Worth 2018

Kate Spade net worth is $100 million.