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Fifth & Pacific sells Lucky Brand Jeans; will focus on Kate Spade
New York -- Fifth & Pacific Companies will sell its Lucky Brand Jeans division to an affiliate of Leonard Green & Partners for $225 million as it focuses on its fast-growing Kate Spade brand.
"We believe that by focusing all of our resources on the huge opportunity at Kate Spade, we can deliver the strongest value creation opportunity for our shareholders,” said William L. McComb, CEO of Fifth & Pacific (formerly known as Liz Claiborne). “This is all about bringing Kate Spade to its full potential.”
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Lululemon names new CEO; founder to step down as chairman
Vancouver, British Columbia -- Lululemon Athletica Inc. on Tuesday named Laurent Potdevin as CEO, and also announced founder Chip Wilson will step down as non-executive chairman. Potdevin, most recently president of Toms Shoes, will replace Lululemon’s current CEO, Christine Day, in January, and will also become a director at that time. Prior to Toms, he served as president and CEO of Burton Snowboards from 2005 – 2010.