Kate Spade CEO Anna Bakst is to leave the business at the end of the year, its parent Tapestry has announced.
A former Michael Kors executive, Bakst joined Kate Spade in March 2018 replacing Craig Leavitt who stood down after the brand was acquired by Tapestry (then Coach Group).
Tapestry has said the search is on for a successor but during the interim period, Joanne Crevoiserat, Tapestry’s Chief Financial Officer, will have direct oversight of Kate Spade’s strategy and operations.
“We thank Anna for the passion and commitment she has brought to her work at Kate Spade,” said Jide Zeitlin, Chairman and Chief Executive Officer of Tapestry. “We are moving ahead quickly with a search process. Our strong Kate Spade leadership team, working with Joanne, will take the business forward aligned with [creative director] Nicola Glass’s creative vision.
“Quarter-to-date, Kate Spade’s performance is on track and we are confident in our ability to meet our holiday season goals. We look forward to providing details about our second quarter results during our upcoming earnings call in February.”
Bakst’s departure comes after Tapestry CEO Victor Luis left the business in September reportedly due to a poor performance at Kate Spade and its stablemate Stuart Weitzman. Zeitlin, who was board chairman, took over as CEO upon his departure.