Kate Spade in deal to gain full control of Japanese venture
New York -- Fifth & Pacific Cos., formerly known as Liz Claiborne, said that its Kate Spade LLC brand is buying out the interest of its partner in a joint venture based in Japan, the Associated Press reported.
Kate Spade will have full ownership of Kate Spade Japan Co. after it buys Sanei International Co.'s 51% stake in the business. Fifth & Pacific said the deal is expected to cost $45 million to $50 million, including debt repayment and transaction fees.
Fifth & Pacific sold the Liz Claiborne brand and its Monet brand to J.C. Penney Co. last year to focus on its Kate Spade, Lucky Brand, and Juicy Couture businesses. The company officially changed its name and its ticker symbol in May.