Margaret Smith founded her handbag company in Maine in the 1940s, at the suggestion of friends she had made beach totes for as gifts. Her brother, financier Cyrus Pinkham, and professional designer Bill Waters helped her launch her business, eventually joining her full-time as it rapidly expanded (at its height, the company had over 30 employees). Typically designed with floral prints, her bags were sold in women’s specialty shops and, in the 1950s/1960s, by Bonwit Teller. Margaret Smith Inc. dropped its clothing line in 2005 and closed completely in 2008