Dive Summary:

• Fifth & Pacific Co. (previously Liz Claiborne) says it plans to sell off its Lucky Brand Jeans Co. to an affiliate of Leonard Green & Partners for $225 million.
• The parent company intends to focus its attention on its rapidly expanding Kate Spade division.
• The deal reached will include $140 million in cash and $85 million paid within three years.

Dive Insight:

Fifth & Pacific hopes to finalize the sale of Luck Brand Jeans Co. by the early part of next year, and says it intends to fulfill its obligation to Kate Spade shareholders by maximizing sales for the brand. “This is all about bringing Kate Spade to its full potential,” said William L. McComb, CEO of Fifth & Pacific.