Fifth & Pacific Companies changes its name to become Kate Spade Company
Fifth & Pacific Companies (Kate Spade, Jack Spade and Lucky Brand), formerly Liz Claiborne, just announced a name change. The American group, which sold the intellectual property of Juicy Couture to licensing specialist Authentic Brands last October for 195 million dollars, will now become Kate Spade & Company.
This name change comes as the company strategically refocuses on the Kate Spade and Jack Spade brands, the DNA of the group. The company also recently agreed to sell Lucky Brand Jeans to private equity firm Leonard Green & Partners LP for $225 million
Additionally, Craig Leavitt, now CEO of Kate Spade, will take over as head of the new Kate Spade & Company, succeeding William L. McComb, currently CEO of the Fifth & Pacific Companies. George Carrara, now executive vice president of Fifth & Pacific, has been promoted to President and Chief Operating Officer of the new Kate Spade group. Deborah Lloyd retains her role as Chief Creative Officer.
In terms of 2013 results, Fifth & Pacific expects an adjusted EBITDA in the range of 120 to 130 million dollars, including the estimated results of Lucky Brand but excluding those of Juicy Couture. Net sales in 2013 for continuing operations grew to 742 million dollars.
The new Kate Spade group, which will include only the Kate Spade and Jack Spade brands, is optimistic about its financial outlook for 2014. The group hopes to achieve an adjusted EBITDA of 115 to 125 million dollars.
Kate Spade & Company is also counting on developing internationally, as the American group is getting ready to launch its e-commerce platform in Europe and in the Asian markets. It also plans to open 55 new stores worldwide, about half of them with partners.
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