JC Penney Acquires Liz Claiborne Brands
Posted on October 12, 2011JC Penney has announced a deal to acquire the Liz Claiborne family of brands as well as the Monet brand for $267.5 million. JC Penney has been the exclusive licensee for all Liz Claiborne and Claiborne- branded merchandise in the U.S. and Puerto Rico since August 2010.
JC Penney will acquire the entire Liz Claiborne portfolio, including Liz Claiborne, Claiborne, Liz, Liz & Co., Concepts by Claiborne, LC, Elizabeth, LizGolf, LizSport, Liz Claiborne New York (LCNY) and Lizwear brands. The company says it also expects to retain the Liz Claiborne design team.
The former Liz Claiborne company will retain the Juicy Couture, Lucky Brand and Kate Spade brands. Bloomberg reports that Liz Claiborne will change its name within twelve months. Chief Executive Officer William L. McComb told Bloomberg that is exploring options for a new corporate name that will reflect the three remaining brands.
Liz Claiborne also sold its Kensie line to Bluestar Alliance in a separate transaction.