The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — Fifth & Pacific Cos., the clothing retailer that's selling brands, said Chief Executive Officer William McComb is leaving and being replaced by Craig Leavitt, who heads the Kate Spade division.
The New York-based company is also changing its name to Kate Spade & Co., to reflect its "mono-brand focus," it said in a statement today. Deborah Lloyd, the chief creative officer of Kate Spade who has reinvigorated the brand, will remain in her role.
McComb, who was named CEO in 2006, dismantled what was then known as Liz Claiborne Inc. He jettisoned scores of underperforming department-store brands and most recently reached deals to sell Lucky Brand and Juicy Couture.
Kate Spade’s comparable sales at its own stores gained 30 percent in the calendar fourth quarter, Fifth & Pacific said today. Lucky Brand’s were up 5 percent. The Lucky Brand sale, to Leonard Green & Partners LP, will be completed this quarter, it said.
ADVERTISEMENT
George Carrara, currently chief operating officer and chief financial officer will be promoted to president, the company said.
Fifth & Pacific fell 7.4 percent to $29.50 at 5 p.m. New York time in extended trading after the announcment was made. The stock rose 1.5 percent to $31.86 at the close.
By Cotten Timberlake; Editors: Ben Livesey, Stephen West, Robin Ajello
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.