Fifth & Pacific Cos Inc said it would sell its Lucky Brand Jeans business to private equity firm Leonard Green & Partners LP for $225 million as it focuses on its fast-growing, higher-end kate spade brand.The kate spade brand, which competes with offerings from Michael Kors Holdings Ltd and Coach Inc, has posted strong growth in sales in recent quarters as its trendy handbags, jewelry and shoes resonate with customers."We believe that by focusing all of our resources on the huge opportunity at Kate Spade, we can deliver the strongest value creation opportunity for our shareholders," Chief Executive William McComb said on Tuesday."This is all about bringing Kate Spade to its full potential."
Coach, Inc. (Coach) is a marketer of accessories and gifts for women and men. Shares of COH traded higher by 0.79% or $0.44/share to $56.06. In the past year, the shares have traded as low as $45.87 and as high as $61.94. On average, 4202960 shares of COH exchange hands on a given day and today's volume is recorded at 3074070.
Michael Kors Holdings Limited is a global lifestyle brand . Shares of KORS traded higher by 1.17% or $0.93/share to $80.61. In the past year, the shares have traded as low as $47.26 and as high as $83.13. On average, 4175740 shares of KORS exchange hands on a given day and today's volume is recorded at 2778944.
Source
