JCPenney acquires Liz Claiborne brands
October 12, 2011-- Home Textiles Today,
Plano, Texas - JCPenney , which last year signed a 10-year agreement to be the exclusive licensee for all Liz Claiborne and Claiborne brand merchandise in the U.S. and Puerto Rico - has signed a deal with Liz Claiborne Inc. to acquire those brands along with the company's Monet jewelry brand.
Former Apple retail store chief Ron Johnson, who officially becomes JCP's ceo on Nov. 1, described Claiborne and Monet as "classic brands that resonate deeply with consumers."
JCP will acquire the worldwide rights and intellectual property for Liz Claiborne, Claiborne, Liz, Liz & Co., Concepts by Claiborne, LC, Elizabeth, LizGolf, LizSport, Liz Claiborne New York (LCNY) and Lizwear along with Monet. The Liz Claiborne design team will join JCP under the agreement.
The transaction is expected to close within 30 days.
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