Kate Spade leaves Kate Spade

Kate and Andy Spade, founders of Kate Spade, are stepping down from their jobs at the company. It's not a big surprise, as they sold the label to Liz Claiborne last November for $124 million. They will remain on the board of directors. The brand launched in 1993 and was famous for simple nylon bags which might be the most easily knocked-off design in handbag history. Thanks to legions of fans in Japan, the brand was able to survive the knock-offs and now makes much of its money in other categories, like home furnishings.