Kate Spade Faces Uphill Fight to Be Next Ralph Lauren
Kate Spade wants to be Ralph Lauren. Looking to quadruple retail sales to $4 billion, the handbag maker is modeling itself on Lauren's empire: a global lifestyle brand selling everything from apparel to home goods. Kate Spade & Co.'s Chief Executive Officer Craig Leavitt is focusing on categories with ready appeal — fragrances, jewelry, watches, sunglasses — and offering a range of price points to attract millennials on one end and luxury shoppers at the other. "Ralph Lauren is our business analog," said Leavitt, a former Lauren lieutenant who joined Kate Spade in 2008.