May 9, 2017
Kate Spade (person) gets zilch from $2.4 billion sale of Kate Spade (company)
Kate Spade's namesake company yesterday agreed to be acquired for $2.4 billion by Coach, but the famed fashion designer won't see a dime of it.
As Forbes points out, Kate and her husband Andy Spade sold out years ago, via a pair of transactions:
In 1999, they sold a 56% stake to Neiman Marcus for $34 million. Then, in 2006, Spade and her two partners sold the remaining 44% to Neiman for a reported $59 million. Assuming the Spades split their share with partners, they would have walked away with $46.5 million before taxes.
Last year, Kate Spade (the person) launched a new footwear, handbag and accessories brand called Frances Valentine.