New York—Fifth & Pacific reportedly is close to selling its Lucky Brand to Advent International, a private equity firm, according to sources on Monday informing Reuters.
Earlier this year, the company had hired Centerview Partners and Perella Weinberg investment banks to assist in selling Lucky and another brand, Juicy Couture.
Fifth & Pacific, formerly Liz Claiborne Inc., plans to concentrate its efforts on its strongest and fastest growing brand, Kade Spade.
Reuters said that Jos. A. Bank Clothiers Inc. also had seen interested in Lucky.
Just how the sale price will be is still a guess. In the first quarter of 2013, Lucky posted a 16.5% increase in sales to $117 million and adjusted earnings before taxes, interests, etc. of $5 million.
Fifth & Pacific reported that it expects Lucky to generate about $50 million to $55 million in adjusted earnings for 2013.