Tuesday, April 20, 2021

Kate Spade New York could consider sale

American handbag retailer Kate Spade New York has revealed it could be planning a potential sale, following stellar sales results.

Craig A Leavitt, chief executive of the fledgling retailer, stated the company was “committed to maximising value and are exploring strategic alternatives that are in the best interests of our company and shareholders”.

This suggests Leavitt may be considering a sale of the company, which has an established bricks-and-mortar shop presence in the UK, as well as trading online and via concessions in John Lewis.

In the three months to December 31 net sales rose by 10 per cent to £33.6 million and full year sales performed just as well with an 11 per cent rise to £111.3 million.

Leavitt added that this showed Kate Spade was performing well in a “challenging retail environment”.

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