Liz Claiborne to Sell to J.C.Penney
Liz Claiborne Inc. agreed to sell its namesake brand to J.C. Penney Co. Inc. as part of a series of deals that will raise $328 million to pay down debt. Additionally, Claiborne agreed to the early termination of the DKNY Jeans and DKNY Active license agreements.
William L. McComb, chief executive officer of Claiborne, said, “At the close of these transactions, at a time when most economists in the world are now agreeing that major European and the U.S. markets are facing significant risks of another recession, we will be a more appropriately leveraged, more capital efficient, growth-oriented company. As such, we are exploring options for a new corporate name that will better reflect our keen focus on building and growing our three global lifestyle brands – Juicy Couture, Lucky Brand and Kate Spade.”
More Investors Put Stake in Malandrino
Elie Tahari and Arthur S. Levine have completed a deal to invest in Catherine Malandrino with plans to help the designer grow her brand both at retail and wholesale, as well as with new categories and global expansion. As part of the strategic partnership, Malandrino will benefit from Tahari and Levine’s resources in both Asia and Europe, as well as their business expertise to help strengthen the company’s infrastructure.
The value and size of the stake was not disclosed. According to sources, the Catherine Malandrino business has an estimated total sales volume of $20 million to $30 million. The executives referred to it as “an equal partnership.”
Gaultier Designs Golden Bars for Investors
Need a gold heart? Or maybe you just want a designer gold bar… because having a regular gold bar just isn’t enough… Jean Paul Gaultier has designed a one-off gold bar for French gold investment company CPoR Devises. Gaultier has engraved the one troy ounce bar on one side with a heart and his name. Investors will be able to place their orders on the open market from Friday Oct.14.
Roger Vivier’s Rare Auction
Shoe lovers will be able to bid for treasures from the private collection of Roger Vivier when 400 rare lots, including prototypes and sketches, go under the hammer next month. The sale, organized by French auction house Aguttes, will include one-off creations made for celebrities such as Elizabeth Taylor, Brigitte Bardot, John Lennon and Cary Grant. The lots will go on show from Nov. 26-29 at the Hôtel des Ventes de Neuilly in the Paris suburb of Neuilly-sur-Seine, ahead of the auction scheduled for Nov. 30. Bidding will start at around 100 euros, or $132 at current exchange, for most items, rising to 800 euros, or $1,060, for the most elaborate embroidered thigh boots.
– Taneisha Jordan
Source & Photo: WWDSee the Top Ten Summer 2016 Trends for Women Over 40