Kate Spade CEO to Leave Less Than Two Years into Job

NEW YORK, United States — Kate Spade Chief Executive Officer Anna Bakst will leave at the end of the year, parent Tapestry Inc said on Thursday, less than two years after being hired to turn around sales at the handbag maker.

Since acquiring Kate Spade in 2017, the fashion house has struggled with the brand's out-of-fashion designs that have weighed on efforts to sell its handbags at full-price to Millennial shoppers.

Same-store sales at the brand have dropped since the acquisition and plunged 16 percent in the latest reported quarter.

Tapestry, which also owns Coach and Stuart Weitzman, hired Bakst and Creative Director Nicola Glass from luxury handbag maker Michael Kors hoping the two could help revamp the brand's designs to pull shoppers back into stores.

In September, Tapestry replaced its Chief Executive Officer Victor Luis, who orchestrated the acquisitions of Stuart Weitzman and Kate Spade, with long-time Chairman Jide Zeitlin.

Chief Financial Officer Joanne Crevoiserat will take over on an interim basis at Kate Spade, Tapestry said.

By Uday Sampath; Editor: Sriraj Kalluvila