The announcement marks the company's transition from primarily serving department stores to a direct-to-consumer retailer built around three premium brands: Juicy Couture, kate spade and Lucky Brand. In the past year, Liz Claiborne completed five transactions that raised $471 million and allowed for significant debt reduction.
"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," says William L. McComb, chief executive officer of Liz Claiborne. "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."
Further updates will be issued as the effective date for the name change approaches.