Kate Spade: What will happen to her millionaire fashion empire after her death?
The American designer Kate Spade was the latest in a long list of designers who died tragically and unexpectedly
On Tuesday, June 5, fashion designer Kate Spade was found dead in her apartment on Park Avenue, located in New York City. According to The Hollywood Reporter, "a housekeeper discovered Spade's body hanging in her bedroom, police said. While investigators were still in the early stages of their inquiry, the department's chief of detectives, Dermot Shea, said evidence including a note pointed to "a tragic suicide"." In this way, Kate Spade was the latest in a long list of designers who died in a tragically and suddenly, such as Alexander McQueen, Gianni Versace, Maurizio Gucci, Manuel Mota, Christian Dior, among others.
Leer en español: Kate Spade: ¿Qué ocurrirá con su millonario imperio de la moda después de su muerte?
Her unexpected death "shocked the fashion world" and, according to The Hollywood Reporter, "led to an outpouring of tributes from her legions of fans." However, days after her death, a new question is now open: what is going to happen to the company, Frances Valentine?
The future of the brand, Frances Valentine
Very little is known about what will be the future of the brand founded in 2016, after the death of the designer. A brand that Spade erected along with her husband, Andy Spade, and her friend Elyce Arons. According to People Style, "when Kate Spade was found dead at the age of 55 from an apparent suicide (…) she left behind the 13-year-old daughter for whom she took a near decade-long hiatus from the fashion world": Frances Beatrix Spade. So all would point out that eventually, the girl would inherit her mother's empire. This makes sense, considering cases like the renowned murder of Gianni Versace. After the death of the Italian designer, at the age of 11, Allegra Beck inherited 50% of the Versace line, according to the portal Clase. For her part, Donatella Versace had to take over the company of his brother since the age of 19.
For this reason, it would not be strange that Frances Spade became the heir of her mother's stocks, and the successor to the multi-million-dollar brand, or failing this, that these stocks pass IGNORE INTO the hands of the girl's father. This is because the most natural thing when a person dies is that the properties remain in the domain of the family unless there is a contract or a testament that says otherwise.
It is worth remembering that, as it is explained in an article from the Trendencias media, on the night of May 8, 2017, the purchase of the firm Kate Spade New York by the brand Coach Inc. was made public for the sum of 2,4 trillion dollars, a purchase from which Kate Spade and her husband received nothing. Moreover, according to Forbes magazine, "the company’s original founders, including Kate Spade and her husband, Andy Spade, cashed out of the business more than a decade ago. As a result, they will not receive anything from the proposed sale." In this sense, since the company does not belong to them, the family will not inherit stocks, but they will inherit money that Kate and Andy cashed out from the business that still persists, if there is one.
For now, it is impossible to know what will happen to the company Frances Valentine, so we will have to wait for the testament of the famous designer to be read.
Who is Kate Spade?
Kate Valentine, also known as Kate Spade, was a famous American designer, renowned for her line of handbags that became popular in the 90s. In addition, Spade was one of the founders of the brand Kate Spade New York with her husband Andy Spade. With the passage of time, this expanded to the point where today is a "fashion empire that sells clothes, shoes, jewelry and home goods", according to CNN. However, Kate later distanced herself a little from the industry, as explained in the CNN article, but she never stopped creating. Indeed, in 2016 the designer launched a new line of shoes and bags, called Frances Valentine in honor of her daughter and other members of her family.
The death of Kate Spade is tragic and unexpected. However, Kate will remain in memory as the creator of an empire that will pass IGNORE INTO the history of the fashion industry.
Latin American Post | Diana Rojas Leal
Translated from "Kate Spade: ¿Qué ocurrirá con su millonario imperio de la moda después de su muerte?"
