Tapestry Slips After Designer Kate Spade Found Dead In NY

Shares of Tapestry (TPR), which owns the Kate Spade label, are under pressure following reports saying the designer Kate Spade was found dead in her Manhattan apartment following an apparent suicide. Tapestry acquired the brand in May of last year for $2.4B.

KATE SPADE: Katherine Brosnahan was born in Kansas City in 1962. She went to Arizona State University where she met Andy Spade, who she eventually went into business with, forming the company Kate Spade.

In 1999, Neiman Marcus paid $34M for a 56% stake of the company and a few years later acquired the other 44% stake in the company after the designer sold the remaining of her ownership stake and took time off to raise her daughter. In 2006, Neiman Marcus sold the Kate Spade label for $124M to Liz Claiborne, which was later renamed to Fifth & Pacific. In February 2014, the latter changed its name to Kate Spade & Company.

Tapestry, at the time known as Coach, acquired the company last year for $2.4B. In 2016, designer Kate Spade and her partners had launched a new brand called Frances Valentine, a collection of luxury footwear and handbags. Police officials have confirmed to AP, the New York Times and other media outlets that Kate Spade was found dead today at her New York City apartment, where she had hanged herself.

PRICE ACTION: In afternoon trading, shares of Tapestry have slipped 65c, or 1.4% to $44.50.

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