New York–Liz Claiborne remains a brand name, but no longer a company moniker.
Liz Claiborne has been an iconic name for almost four decades, but after JCPenney bought the brand at the end of last year, Liz Claiborne Inc. has spun off the name for good.
The new corporate name—Fifth & Pacific Cos—ushers in a new era for the multi-brand fashion company, which has announced a new focus on its remaining, and more upscale, brands. Under its new incarnation, Fifth & Pacific centers on contemporary labels Juicy Couture, Lucky Brand and Kate Spade, having sold off others in various deals over the year.
“While it’s difficult to replace an iconic name like Liz Claiborne, we believe that Fifth & Pacific Companies telegraphs who we are today—taking inspiration from New York and California, while describing our reach and our potential,” said William McComb, ceo, referencing Juicy Couture and Lucky Brand’s West Coast roots and Kate Spade’s New York foundation.
Sell Offs Raise Cash
A spate of sell-offs has significantly helped raise cash and turn around the ailing company.
At the end of last year, Liz spun off its namesake brand to JCPenney, which also purchased the Monet brands. The Dana Buchman brand was sold to Kohl’s; Kensie is now an affiliate of brand management company Bluestar Alliance; while Mexx was sold to The Gores Group.
Such streamlining helped the debt-laden company post an adjusted quarterly profit in November. Over 2011, Liz Claiborne Inc. completed five transactions that raised a total of $471 million, according to reports.
The more upscale approach is in response to capture the tier of the consumer market with the most disposable income.
The new name is expected to go into effect May 15. The company will also rename its New York Stock Exchange ticker symbol to FNP.
The new corporate website will be www.fifthandpacific.com
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