Stop us if you've heard this one: Fashion designer Kate Valentine Spade walks into a Kate Spade store with a priest, a rabbi, and a sack of Buffalo nickels under her arm…

Wait, we're telling it wrong. There was no priest, no rabbi, and no sack of nickels — it was just Kate and her daughter. And get this: It's not even really a joke, but rather an actual funny thing that happened to Spade while shopping at her namesake boutique.

READ: Sophie Simmons on the Items Every Woman Should Own

Spade tells us the silly story in the video clip above, but not before spilling the details on her new brand Frances Valentine, which not only showcases her signature sense of style, but also serves as a beautiful tribute to several important people in her family:

"It's about where you are and the idea of enjoying fashion," Spade explains in her exclusive interview with FNM. "Also, it's a heartfelt name, because it's my father's, my brother's, my grandfather's and my daughter's name."

And despite selling her original brand back in 2007, Spade tells us she still visits Kate Spade boutiques with her tweenage daughter — only to be put in awkwardly silly situations.

READ: Frankie Grande Names His Past and Present Fashion Icons

Watch the segment above to find out exactly what happens when Spade walks into a Kate Spade store, then click here to see more from of her Frances Valentine collections.