Call A Spade, A Spade

Not anymore. Kate and Andy Spade are leaving Kate Spade, the luxury accessories label they founded in 1993, to spend more time with their two-year-old daughter. The business was bought by Liz Claiborne Inc last November and the Spades' decision to leave their roles as designer and chief executive officer respectively comes as their six-month contract with the firm expires. "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." Kate will leave within the next few weeks, while Andy will continue to work until the end of the year. Both will remain members of the brand's board following their departure. It seems very surreal to think that your next Kate Spade bag will not have been designed by Kate Spade.