Kate Spade plans furniture future
Fashion brand Kate Spade is expanding into furniture and homewares.
The luxury apparel retailer has announced four new licensing agreements – for bedding, bath, wallpaper, rugs, furniture and household items, according to a report on Bloomberg.
In the first year, Kate Spade aims to sell US$100 million to US$150 million worth of the new lines, representing a fraction of its total turnover. But if it makes target in the year it will encourage a broader international rollout of the new categories, and further expansion of the range.
“The breadth of our home décor line will feature products at all access points in both pricing and distribution from an $8 notebook to an $8000 piece of furniture,” Kate Spade CEO Craig Leavitt said.
Bloomberg opines the move would make Kate Spade more like Ralph Lauren, and differentiate it from other fashion rivals like Coach, Michael Kors and Tory Burch “which don’t sell couches”.