NEW YORK, Jan. 4, 2012
/PRNewswire/ -- Liz Claiborne Inc. (NYSE: LIZ) today announced
it is changing its name to "Fifth & Pacific Companies" to
better communicate its strategic focus on growing its three global
lifestyle brands (Juicy Couture, kate spade and Lucky Brand) and
reflect the sale of the Liz Claiborne namesake brand to
J.C. Penney, among other recent
transactions. The change is expected to be effective on or about
May 15, 2012 at which time the
Company will begin trading as Fifth & Pacific Companies, Inc.
(NYSE: FNP).
"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. From New York to
Los Angeles to Shanghai and beyond, our intrinsically
American brands have global appeal, serving customers worldwide
with high quality and imaginative product," said Liz Claiborne Inc.
Chief Executive Officer William L.
McComb.
Mr. McComb added: "With the steps we've taken, the new Fifth
& Pacific Companies is financially stronger, with a healthy
balance sheet and significantly reduced operating risk and
complexity. Moreover, we are anchored by three, high-growth
retail-based brands with significant expansion potential in global
markets, spanning multiple product categories. In short, ours
is a momentum portfolio, poised for growth and global
expansion."
The announcement of the Fifth & Pacific Companies name marks
the next chapter in the Company's transition from primarily serving
department stores to a direct-to-consumer retailer built around
three highly distinctive premium brands with global appeal. Today,
Juicy Couture, kate spade and Lucky Brand offer high growth and
high margin opportunities in the U.S. as well as abroad. Moreover,
in the past year the Company completed five transactions that
raised $471 million and allowed for
significant debt reduction.
The Company anticipates that the name change and new stock
symbol (NYSE: FNP) will become effective on or about May 15, 2012. Further updates will be issued as
the effective date for the name change approaches. Information will
also be posted on the new corporate website:
www.fifthandpacific.com.
About Liz Claiborne Inc.
Liz Claiborne Inc. designs and markets a portfolio of
retail-based, premium, global lifestyle brands including Juicy
Couture, kate spade, and Lucky Brand. In addition, a private brand
jewelry design and development group will continue to market brands
through department stores as well as serve J. C. Penney via an exclusive license for Liz
Claiborne and Monet jewelry lines and Kohl's with a license for
Dana Buchman jewelry. The Company
also has licenses for the Liz Claiborne New York brand which is
available at QVC and Lizwear, which is distributed through the Club
Store channel. Liz Claiborne Inc. maintains an 18.75% stake in
Mexx, a European and Canadian apparel and accessories retail-based
brand. Visit www.lizclaiborneinc.com for more information.
SOURCE Liz Claiborne Inc.
