Kate Spade New York to Donate $1 Million for Suicide Prevention and Mental Health Awareness
By Antoinette Bueno
Theo Wargo / Getty Images
Kate Spade New York is honoring their company founder, the late Kate Spade, with a significant donation for mental health awareness.
On Wednesday, the brand tweeted that they're donating over $1 million, starting with $250,000 to the Crisis Text Line, a non-profit organization that provides free crisis intervention via text message. The company will also match public donations made to Crisis Text Line, up to $100,000.
Spade had sold the company she founded before her death. In 1999, she and husband Andy Spade sold a 56 percent stake of their company to Neiman Marcus, then, in 2006, sold the remaining 44 percent to Neiman, and took time to raise their daughter, Frances Beatrix, whom they welcomed in 2005. According to Forbes, the Spades walked away with $46.5 million before taxes.
In May 2017, Coach purchased Kate Spade for $18.50 per share, or $2.4 billion. But since the Spades sold all of their shares, they didn't see any money from the billion-dollar sale.
"Kate Spade, the visionary founder of our brand, has passed," the company said in a statement. "Our thoughts are with her family at this incredibly heartbreaking time. We honor all the beauty she brought into this world."
Last week, Spade's brother-in-law, David Spade, donated $100,000 to the National Alliance on Mental Illness, a nationwide grassroots advocacy group representing people affected by mental illness in the United States, and provides education and advocacy by shaping public policy for those suffering the effects of mental illness.
"More people suffer from mental health issues than we may realize but no one should ever feel ashamed to reach out for support," Spade said in a statement to ET. "If you or anyone you know is in need of help or guidance please contact the national suicide prevention hotline at 800-273-8255 or go to nami.org to learn more and help those who may be in need."