Accessories business Tapestry says Kate Spade, the founder of the eponymous accessories and apparel business that Tapestry purchased last year, will be "dearly missed" following her death yesterday (5 June).

In a statement Tapestry, formerly known as Coach Inc, said it had "just learned of the incredibly sad news that Kate Spade has passed".

"Although Kate has not been affiliated with the brand for more than a decade, she and her husband and creative partner, Andy, were the founders of our beloved brand," Tapestry said. "Kate will be dearly missed. Our thoughts are with Andy and the entire Spade family at this time."

Kate Spade New York was founded in 1993 debuting with just six handbag silhouettes. In 2007, Spade turned the reins to design powerhouse Kate Spade & Company (formerly known as Liz Claiborne, Inc.).

Kate Spade New York has since grown into a global lifestyle brand and was acquired by Tapestry in July of last year.

According to media reports, Kate Spade was found dead at her home in New York yesterday.