Saks Inc. acquires pre-teen chain
May 7, 2003-- Home Textiles Today,
Birmingham, AL — In a $12 million transaction, Saks Inc. has purchased 11-unit Club Libby Lu, which operates "an experience-driven" retail and entertainment concept targeting pre-teen girls.
Stores average 1,100 to 1,500 square feet and are divided into four shopping zones: Libby's Laboratory (beauty and bath products), Libby's Bedroom (bedroom accessories, casual wear and sleepwear), Libby's Jewelry box (charm shop and jewelry) and The Style Studio (makeovers, dress-up apparel, shoes, and accessories).
Three additional Club Libby Lu stores currently are scheduled to open in 2003, and Saks said it will open more mall-based Club Libby Lu stores over time. In addition, the company plans to add Club Libby Lu shops to six of its Saks Department Store Group (SDSG) department stores in this year.
"This fresh, distinctive concept is consistent with the strategic direction of SDSG — to provide differentiated merchandise to our customers and to make our stores more exciting places to shop," said George Jones, president and ceo of Saks Department Store Group.
Mary Drolet will stay on as Club Libby Lu's ceo, based in Chicago, and will report to Jones.
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