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Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic

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The Pentagon said Iran War costs $29 billion, but the real cost is closer to $200 billion—and counting

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After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup

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Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic

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The Pentagon said Iran War costs $29 billion, but the real cost is closer to $200 billion—and counting

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After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup
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Kate Spade confronted the tragic death of its founder head-on. Now its CEO aims to honor the legacy of that loss

By
Emma Hinchliffe
Emma Hinchliffe
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Joey Abrams
Joey Abrams
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By
Emma Hinchliffe
Emma Hinchliffe
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Joey Abrams
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May 10, 2024, 9:02 AM ET
Liz Fraser, CEO and brand president of Kate Spade New York.
Liz Fraser, CEO and brand president of Kate Spade New York.Courtesy of Kate Spade
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Good morning, Broadsheet readers! Doug Emhoff urges men to support abortion rights, Baidu’s head of PR causes a PR crisis, and Kate Spade stays committed to mental health, six years after the death of its founder. Have a restorative weekend.

– Impact of a tragedy. Kate Spade’s death by suicide in 2018 was a devastating moment for fans of the well-known designer and her eponymous brand. The tragedy required Kate Spade, the brand, to face reality head-on. “It happened, and there’s no hiding from it,” says Kate Spade CEO and brand president Liz Fraser.

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Fraser joined the Tapestry-owned brand in 2020, two years after Spade’s death. But she says the Kate Spade customer “never would have allowed” the brand to ignore or try to move past the death of its cofounder. “They felt like she was their friend,” Fraser says.

In the years since, the brand has doubled down on its work in women’s mental health, which started with an effort to support women in Rwanda dealing with the effects of generational trauma. After Spade’s death, it pledged $1 million to support mental health, and it’s partnered with actress Taraji P. Henson’s foundation to support Black women’s and girls’ mental health. During the pandemic, when mental health became a wider societal conversation, Kate Spade had a head start. It took a closer look at the mental health of its own staff, instituting no-meeting blocks, which can be crucial guardrails during challenging moments, like, for example, the FTC-challenged merger of Tapestry and Capri.

Liz Fraser, CEO and brand president of Kate Spade New York.
Courtesy of Kate Spade

Coach owner Tapestry bought the brand in 2017 in an effort to reach millennials and aimed to reengage that core customer through a multi-year turnaround. Kate Spade’s philanthropic work became an integral part of the brand, rather than just a side project for the $1.42 billion business. The Kate Spade customer comes to the brand because they feel an emotional connection—and especially to feel “joy,” Fraser says. “We call her the ‘enthusiast,’” Fraser says. “She’s a very nurturing person. She’s very motivated to help others.” She’s also usually a married, working woman in her late 30s.

For Fraser, leading a brand so closely tied to its founder—and her tragic death—is an “honor.” “I feel honored to work for a brand that has values informed by our history, our heritage, and our experiences,” she says. She previously worked for Marc Jacobs and Liz Claiborne.

“Mental health is a big deal. It’s a very large problem,” she adds. “We can’t stigmatize it because it’s only leading to more tragedy.”

Emma Hinchliffe
emma.hinchliffe@fortune.com

The Broadsheet is Fortune’s newsletter for and about the world’s most powerful women. Today’s edition was curated by Joseph Abrams. Subscribe here.

ALSO IN THE HEADLINES

- Not just a women's issue. Second Gentleman Doug Emhoff is urging more men to stand up for abortion rights and vote for reproductive health in November. NBC News

- Shrouded in Miss-tery. Miss Teen USA UmaSofia Srivastava has resigned because her "personal values no longer fully align with the direction of the organization." The announcement follows Miss USA Noelia Voigt’s resignation for mental health reasons. Former Miss USA contestants are asking the organization to release Voigt from her NDA so she can speak candidly about her time in the role. Forbes

- PR disaster. The head of PR at Chinese tech giant Baidu reportedly resigned after she demanded on social media that employees be available 24/7 and threatened to blacklist workers who fail to meet her expectations. Fortune

- Sweet success. In a new interview with Fortune, SmartSweets CEO Tara Bosch shares her journey from testing gummy bear recipes in her basement apartment to selling a majority stake in the company for $360 million. The 29-year-old founder describes her humble beginnings as the daughter of a single mom and how she manages imposter syndrome. Fortune

- Doula right thing. Sen. Elizabeth Warren (D-Mass.) and Rep. Gwen Moore (D-Wis.) introduced the Mamas First Act on Thursday, a bill that would require Medicaid to cover doulas and midwifery services. The coverage, which already exists in states like California and New York, is designed to improve access to prenatal, birthing, and postpartum care for underserved communities. The 19th

 - M&A buzz. Bumble CEO Lidiane Jones said the dating app plans to ramp up acquisitions following its stronger-than-expected earnings on Wednesday. Jones said Bumble would consider purchasing smaller apps whose technology could improve the platform. TechCrunch

MOVERS AND SHAKERS: Altus Power hired Alison Sternberg as head of investor relations. Atlassian named Avani Prabhakar chief people officer. 

ON MY RADAR

Cass Elliot’s death spawned a horrible myth. She deserves better New York Times

How Marine Le Pen could become France’s far right prime minister Time

The constant work to keep a family connected has a name New York Times

PARTING WORDS

“I went to the Met Gala, slayed the Met Gala in New York, came back, slayed against New York. It’s what I do.”

— WNBA player Angel Reese, who made a quick trip to the Met Gala for her 22nd birthday

This is the web version of MPW Daily, a daily newsletter for and about the world’s most powerful women. Sign up to get it delivered free to your inbox.
About the Authors
Emma Hinchliffe
By Emma HinchliffeMost Powerful Women Editor
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Emma Hinchliffe is Fortune’s Most Powerful Women editor, overseeing editorial for the longstanding franchise. As a senior writer at Fortune, Emma has covered women in business and gender-lens news across business, politics, and culture. She is the lead author of the Most Powerful Women Daily newsletter (formerly the Broadsheet), Fortune’s daily missive for and about the women leading the business world.

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Joey Abrams is the associate production editor at Fortune.

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