27 Feb '14, 1pm

#Investing ▪ Sticking to our handbag roots: Kate Spade CEO: Kate Spade will focused on its "DNA," CEO Craig Le...

Don't expect out-of-the-blue product lines bearing the Kate Spade New York label, CEO Craig Leavitt told CNBC, explaining that the company intends to remain focused on its core product line. "We're a brand that is born and has great roots in the handbag and small leather good area, so that's always going to be the anchor of our business," he told CNBC's Melissa Lee on "Fast Money " on Wednesday. "As a penetration of the total, it is going to slowly decline just because we're adding new categories to round out our lifestyle presentation." Leavitt made the comments a day after parent company Fifth & Pacific posted a 22 percent jump in revenue for the holiday quarter, largely on the strength of handbags from its Kate Spade division. Same-store sales increased 30 percent in the quarter that ended Dec. 28, according to Reuters. (Read more: Kate spade bags drive 22 percent jump ...

Full article: http://www.cnbc.com/id/101450136

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