Deals
Kate Spade Said to Kick Off Formal Sale Process Next Month
- Handbag maker said to draw interest from about six companies
- Kate Spade is under pressure from hedge fund to pursue sale
Kate Spade Shares Up on Report Company Is Pursuing Sale
Kate Spade & Co., which is exploring a sale of the handbag maker, plans to kick off a formal auction process next month, with interest from six possible bidders, according to a person familiar with the situation.
The New York-based retailer is working with financial advisers on sale preparations, said the person, who asked not to be identified because the details aren’t public. The potential bidders for Kate Spade, which has a market value of about $2.3 billion, are mostly other retailers, the person said.