14. She Sold The Brand But Kept Control (Then Sold Again)
We might assume that if we associate a famous designer with their brand, they will always be in charge of it. But people make different business decisions all the time, and sometimes, someone will sell their brand because they get an amazing offer or they are okay with giving up that kind of control.
In 1999, the Neiman Marcus Group bought 56 percent of Kate Spade’s business. She was still involved, though, and so was her husband, Andy. They were the chief executive officer and designer. In July 2007, it was announced that the couple was no longer going to be involved. In November 2006, Liz Claiborne Inc bought the brand, and they felt that it was time to leave.
According to Vogue UK, Kate Spade was interviewed by Women’s Wear Daily and said more about this decision: “This is a hard decision, and I feel very emotional about it. But the emotions would be more about melancholy if I thought we weren’t doing the right thing. We are with the right partners – we wouldn’t make this decision otherwise. This an opportunity for employees, the fabulous teams we have in place, to take the baton and run away with it.”