Kate Spade refines their direction with closure of 28 Stores
Kate Spade & Company has seen significant growth over the last few years, both domestically in the US and in their international expansion, bringing their net sales for 2014 up 40% to $1,140 million.
They are resetting their strategic Initiatives that will continue it on it's path to becoming a four billion dollar retail business and in partnership with Walton Brown, a subsidiary of The Lane Crawford Joyce Group, Greater China is now well and truly part of their new focus.
There are some casualties however. Their retail store presence for it's menswear label Jack Spade and Kate Spade Saturday, it's weekend focused Women's offering are being restructured due to losses in the same reporting period.
Menswear still remains an important part of their story
Whilst all the learnings from the Saturday sub-brand are being absorbed into it's core offering, Jack Spade is moving to a wholly Online and Wholesale offering giving them the ability to diversify their product range to include Tailored clothing, sportswear and bags. This will lead to the closure of 12 Jack Spade stores and 16 Kate Spade Saturday stores by the first half of 2015.
Craig A. Leavitt, CEO, commented that "We are committed to our men's heritage and believe this category is an important part of our growth story and a complement to our thriving women's business."
Mr Leavitt also commented that, "By taking these actions, we will be able to accelerate the fulfilment of our lifestyle brand vision, expanding our product categories and reaching customers in all facets of their lives, better positioning us to deliver on kate spade new york's full potential."