Posted by Mark J. Miller on January 4, 2012 05:07 PM
The Liz Claiborne brand name was sold in November to J.C. Penney so it was inevitable that its parent company, Liz Claiborne Inc., would shed the brand from its name. The inevitable is now official. The 34-year-old fashion company is changing its name to Fifth & Pacific Companies, and will start trading under the ticker symbol FNP in mid-May, in addition to replacing its zippy liz.com corporate domain with fifthandpacific.com.
Claiborne unloaded its Mexx brand in September and then sold its namesake brand to J.C. Penney, along with its Monet brand, two months later for $267.5 million. It also got rid of its Kensie and Dana Buchman brands this fall as it attempted to right its own financial ship. Now FNP is left with three core brands in Juicy Couture, Lucky Brand, Kate Spade, and a sibling in the mens fashion/accessory brand of Jack Spade line, to focus on.
The new corporate identity may recall Gap's Forth & Towne, Gilt's Park & Bond, and Nordstrom's Treasure & Bond, but CEO William McComb argues that the name is a perfect synthesis of the east coast/west coast stable of brands, as it's "where California cool meets New York chic."Continue reading...
divide and conquer
Posted by Mark J. Miller on November 8, 2011 01:02 PM
Liz Claiborne Inc. hasn’t turned a profit since 2006 so it’s no surprise that the company finally reached a tipping point of sorts and decided to massively shake things up. In the last of five deals that are focused on the company ending up with only its higher-priced brands, Claiborne sold off its namesake brand as well as the Monet brand to J.C. Penney Co. on Nov. 2nd.
Liz Claiborne CEO William McComb stated, "We are very proud of the value we have unlocked from our Partnered Brands group. What remains of that segment is a private brand jewelry design and development group that will continue to serve J. C. Penney, via our exclusive license for the Liz Claiborne and Monet brand jewelry lines. It will also continue to market Trifari and Marvella, as well as serve Kohl's with a license for Dana Buchman jewelry. Our jewelry capability is a profitable niche that was worth retaining, and will add to our earnings profile."
McComb continued: "With this announcement, the company has completed the last in a series of five transactions that in total have raised $471 million, allowing the company to meaningfully de-leverage and transform its balance sheet — while creating a portfolio focused on growth. ...We are now focused on our three global lifestyle brands — Juicy Couture, kate spade and Lucky Brand — and seeing the high growth and high margin opportunities they offer come to fruition as well."Continue reading...
Posted by Dale Buss on September 2, 2011 08:44 AM
Bank of America is pushed by regulators on contingency plans, as more than a dozen suits against big US banks are expected to be filed in the coming days over bad mortgages.
AstraZeneca fails to beat Pfizer in match of anti-cholesterol drugs Crestor and Lipitor.
BP raid in Russia is suspended.
Baidu, China Mobile and ICBC rank among top brands in China, survey says.
Campbell's profit takes a hit on declining US soup sales.
China Telecom plans UK mobile service before London 2012 Olympics.Continue reading...
Posted by Dale Buss on July 18, 2011 09:00 AM
News Corp. shares tumble as company goes on PR offensive with print apology as News International's former head Rebekah Brooks was arrested Sunday, London's police chief quits and actor Jude Law claims his phone was hacked. Prime Minister David Cameron called in Parliament to deal with the scandal, as speculation rises about possible harm to Murdoch's US empire.
ABS by Alan Schwartz balks at design copyright protection.
Amana introduces new online shopping tool.
Australia's government launches campaign for carbon tax.
Borders faces liquidation.Continue reading...