Kate and Andy Spade to Leave Company

Kate and Andy Spade announced Thursday that they will step down from Kate Spade as head designer and chief executive officer, respectively.

The husband-and-wife team gave personal reasons for leaving the company.

"We have decided to step back from the day-to-day operations of the company and are excited to be part of the Kate Spade board, providing strategic and creative insight moving forward," said the Spades. "This new situation offers us the perfect opportunity to work closely with Bill on the transition, to explore some of our other areas of interest, travel and spend time with our two and a half year old daughter."

Liz Claiborne Inc acquired the company in November 2006 for $124 million with the Spades agreeing to a six-month transition plan that ended in mid-June. They agreed to stay on a few extra weeks until the end of the Spring market season, which ends next week, said Bill McComb, CEO of Liz Claiborne Inc.

The duo founded the company in 1993 along with partners Pamela Bell and Elyce Arons, with a successful, product range of "affordable luxury" that has expanded beyond their popular signature handbags to small leather goods, luggage, baby products and licensing agreements for shoes, eyewear, tabletop and stationery products. There are currently 19 Kate Spade retail stores throughout the country, four outlets and one Jack Spade specialty store.

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