Andy Spade

Husband and wife team Kate and Andy Spade have announced their departure from the accessories emporium they founded in 1993. The couple intends to spend more time with their two-year old daughter as well as doing more family things together.

Their business was acquired last November by Liz Claireborn Inc. for the mere sum of $5 billion, but they both remained working - Kate as the main creative director and Andy as the chief executive officer. The Spades' decision to leave their roles as designer and CEO comes as their six-month contract with the firm expires. Kate will apparently leave immediately, while Andy will continue to work until the end of the year.

"This is a hard decision, and I feel very emotional about it," Kate Spade told WWD. "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."

As they move onto “better things”, the couple will remain being members of the label’s board.

Source: WWD