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In fact, they didn't really know what they were doing.
Jessica Iredale at Women's Wear Daily sat down with the Spades and they looked back at the fashion house they founded.
After cashing out for $59 million seven years ago, they now seem totally detached, even though Kate's name is still featured in stores everywhere.
The Spades are no longer involved with the venture they founded in 1993. Fifth & Pacific (formerly known as Liz Claiborne) now owns and runs the brand. Andy left to start his own creative agency and Kate became a full-time mother.
It's a thing of the past for them. After cashing out, they only watch how the brand is doing from "a healthy distance."
“It’s like watching a stock,” said Andy, who noted that they stayed with the brand about five years longer than he thought they would.
From the beginning, nothing was planned at Kate Spade. Neither of them grew up wanting to be a fashion designer. The idea formed with a question from Andy: "Why don't you do handbags? You love handbags." And that was that.
"We never thought about starting a company. We just said, ‘Let’s make some bags and see what happens,'" said Andy.
Not bad for a $59 million payday.