This just in! Kate and Andy Spade are taking a step down from their namesake brand they built together. According to WWD, after being acquired by Liz Claiborne Inc., they have decided to no longer to be designer and chief executive officer. The decision was deemed a personal one, as the duo wants to spend time traveling with their two-and-a-half-year-old daughter. More about who will fill their preppy shoes to come!

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