Home / Knowledge / News / Apparel/Garments / J.C. Penney to acquire Liz Claiborne brands
J.C. Penney to acquire Liz Claiborne brands
13
Oct '11
J. C. Penney Company Inc announced that it has reached an asset purchase agreement with Liz Claiborne Inc. Under this agreement, the Company will acquire the worldwide rights for the Liz Claiborne family of brands as well as the U.S. and Puerto Rico rights for the Monet brand for $267.5 million.

The Company has been the exclusive licensee for all Liz Claiborne and Claiborne-branded merchandise in the U.S. and Puerto Rico since August 2010. Under the terms of the original 10-year agreement, J. C. Penney Company could exercise its rights to purchase the Liz Claiborne family of brands after year five of the agreement or again at year 10.

Announcement accelerates the original agreement and includes the acquisition of the timeless fashion jewelry brand, Monet. The Company expects that jcpenney will become the exclusive destination for Monet, a brand currently not offered at jcpenney, by August 2012.

Myron E. (Mike) Ullman, III, chairman and chief executive officer, said, "This is the culmination of our extremely successful partnership with Liz Claiborne Inc. The brands we are acquiring hold tremendous appeal for our customers, and the performance of the Liz Claiborne and Claiborne brands at jcpenney has consistently exceeded our high expectations. We will now build on that strength to accelerate the brands' performance."

Incoming Chief Executive Officer Ron Johnson added, "As we seek to be part of our customers' everyday lives, ensuring that we offer the brands that are most relevant to them is a crucial component in transforming jcpenney into America's favorite store. Liz Claiborne and Monet are classic brands that resonate deeply with consumers. Our ownership of these brands gives us a strong foundation for continued innovation and growth."

Under the terms of the agreement, the Company will acquire the worldwide rights and intellectual property for the entire Liz Claiborne brand portfolio, including Liz Claiborne, Claiborne, Liz, Liz & Co., Concepts by Claiborne, LC, Elizabeth, LizGolf, LizSport, Liz Claiborne New York (LCNY) and Lizwear brands. Additionally, the Company expects to retain the highly talented Liz Claiborne design team, which will continue to lead the creative process for these brands.

J. C. Penney Company, Inc., one of America's leading retailers, operates over 1,100 jcpenney department stores throughout the United States and Puerto Rico, as well as one of the largest apparel and home furnishing sites on the Internet.

J. C. Penney Company Inc

Must ReadView All

Neelesh Hundekari speaking at the event. Courtesy: Subir Ghosh

Textiles | On 27th May 2017

Fabric of Change initiative announces €250000 scaling fund

The Fabric of Change initiative of Ashoka and the C&A Foundation is...

Pakistan's Finance Minister Mohammad Ishaq Dar presenting Budget 2017-18 in National Assembly in Islamabad on May 26. Courtesy: PID, Pakistan

Textiles | On 27th May 2017

Pakistan Budget 2017-18 proposes 4 new measures

To support the textile sector in Pakistan, finance minister Mohammad...

Textiles | On 27th May 2017

Indian exports can touch $325 bn in 2017-18: FIEO

Indian exports are on upward trend in last few months as the country...

Interviews View All

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search