The big industry news today is that Kate Spade has a new creative director. She's Deborah Lloyd, whom you may know as the head of Banana Republic (or, okay, as the woman on Project Runway because she's the head of Banana Republic). But before she joined a mall brand, Deborah was an executive at Burberry, where she worked under Rose Marie Bravo and helped usher in the label's new era of Kate Moss, Christopher Bailey, and massive success. But will Kate Spade move closer to Burberry's ideals of craftsmanship and cool? Or will it strive to become another version of Coach, slightly more expensive than J. Crew, but just as blanketing? One more observation: Let's circle back to the Project Runway connection, and remember that Deborah Lloyd worked with the show while at Banana Republic... That means she also worked with Tim Gunn, one of the show's stars, who's now the head of Liz Claiborne - Which owns Kate Spade.