Fifth & Pacific Companies, Inc. to become Kate Spade & Aggregation in 2014
Craig Leavitt to accomplish William McComb as Chief Executive Officer
George Carrara answer to President and Chief Operating Officer
Deborah Lloyd retains role as Chief Artistic Officer
New York, NY – January 9, 2013 – Fifth & Pacific Companies, Inc. (FNP) today appear that it is alteration its name to Kate Spade & Aggregation to reflect the Company`s mono-brand focus. In addition, William L. McComb, Chief Executive Officer of Fifth & Pacific Companies, Inc., will be dispatch bottomward from his role and will be succeeded by Craig Leavitt, currently Chief Executive Officer of Kate Spade. George Carrara, currently Executive Vice President, Chief Operating Officer and Chief Banking Officer of Fifth & Pacific Companies, will be answer to President and Chief Operating Officer of Kate Spade & Company; Deborah Lloyd continues in her role as Chief Artistic Officer of the renamed Company. Additionally, Mr. Leavitt and Ms. Lloyd will accompany the Company`s Board of Directors. The accumulated name change and administration alteration are appointed to booty abode afterward the absolution of fourth division balance after-effects on Tuesday, February 25, 2014, at which time the Aggregation will activate trading as NYSE:KATE.
Commenting on the administration change, Mr. McComb said: “I am alone absolute aflame to see this team-one I accept alone able over the years-elevate into these roles. I accept that calm they accept the accurate accomplishment sets, chemistry, and drive that this fast growing business demands. They are vision-based, they are experienced, they are analytic and they apperceive how to bear accumulation and growth, while active branding, chump service, and aerial artistic standards.”
Mr. McComb added: “Under Craig and Deborah`s leadership, Kate Spade has absolutely blossomed – not alone growing added than seven-fold in sales, but additionally badly accretion the brand`s all-around attendance and affairs offerings. They are bright in their goals for the cast action advanced and committed to active them with precision. And I can`t ahead of a bigger being for the President role than George. He has brought amazing adequacy to our company-and aptitude as well. As President, George will comedy an active role in carrying the all-embracing plan. My action is not alone claimed and heartfelt, but as a actor of the Company, I am bullish about what this team, and the one accumulated to abutment them, can accomplish in the years to come. Craig and I will be affair with analysts and investors in the advancing weeks to ensure a bland transition.”
Mr. Leavitt said: “We accept been on a adventure with Kate Spade – one that has taken us aloft the country and about the apple as we body a global, affairs cast that charcoal active and innovative, focused on delighting the customer every time she interacts with us. Bill has been a strategic partner and coach to Deborah and me, bringing an action akin and accurateness of eyes that has been a abundant asset as the business grew. The greatest affair about the administration alteration of the Aggregation is the continuity. While the name of the Aggregation will change, the cast and operational administration that got us to this abode not alone continues, but are added as we absorb the Kate Spade and FNP teams. As we admission the aing affiliate in our story, Kate Spade will account from the abounding absorption and acquaintance of bodies like George, who to date has had to breach his time, but now can absolutely focus his absorption on moving us forward.”
Nancy Karch, Chairman of the Board of Directors of Fifth & Pacific Companies, Inc., commented: “This is an agitative and momentous day for both Fifth & Pacific Companies and for Kate Spade. Bill, George and the absolute FNP aggregation accept approved arresting eyes and fortitude, accepting us to this cardinal place. Craig, Deborah and the aggregation at Kate Spade accept angry a abundant cast angry to a small, about startup aggregation into a abundant advance action – and there is still abundant upside larboard to capture. On account of the Board of Directors, I appetite to accurate our acknowledgment to Bill for his activating administration of the Company`s transformation. We faced some austere issues aloft our all-inclusive portfolio about anon aloft his arrival. His adamant drive to accomplish has gotten us to breadth we are today – a advancing aggregation with abundant affairs for the future.”
In his role, Mr. Carrara will serve as Chief Banking Officer in the interim, but the Aggregation expects to name Thomas Linko, currently the Chief Banking Officer and Chief Operating Officer of Juicy Couture, as Chief Banking Officer of Kate Spade & Aggregation in 2014 afterwards the Juicy Couture wind bottomward is essentially complete.
The Aggregation expects to acquire ancient non-cash severance accuse of $16 actor and banknote severance accuse of $7 actor associated with the chief administration transition.
About Fifth & Pacific Companies, Inc.
Fifth & Pacific Companies, Inc. designs and markets a portfolio of retail-based, premium, all-around affairs brands including the Kate Spade ancestors of brands. In addition, the Adelington Architecture Group, a clandestine cast adornment architecture and development group, markets brands through administration food and serves jcpenney via absolute supplier agreements for the Liz Claiborne and Monet adornment lines. In November 2013, the Aggregation completed the auction of the Juicy Couture bookish acreage to Authentic Brands Accumulation (ABG) and is alive beneath a authorization from ABG as the Aggregation transitions and apprehension bottomward the Juicy Couture business through 2014. In December 2013, the Aggregation entered into an acceding for the auction of its Lucky Cast business in a transaction that is accepted to aing in the aboriginal division of 2014. The Aggregation additionally has a authorization for the Liz Claiborne New York brand, accessible at QVC and Lizwear, which is broadcast through the club abundance channel. Visit www.fifthandpacific.com for added information.
Statements absolute in, or congenital by advertence into, this columnist release, approaching filings by us with the Securities and Exchange Commission (“SEC”), our columnist releases, and articulate statements fabricated by, or with the approval of, our accustomed personnel, that chronicle to our approaching achievement or approaching contest are advanced statements beneath the Clandestine Securities Action Reform Act of 1995. Such statements are adumbrated by words or phrases such as “intend,” “anticipate,” “plan,” “estimate,” “target,” “aim,” “forecast,” “project,” “expect,” “believe,” “we are optimistic that we can,” “current afterimage indicates that we forecast,” “contemplation” or “currently envisions” and agnate phrases. Although we accept that the expectations reflected in these advanced statements are reasonable, these expectations may not prove to be absolute or we may not accomplish the banking results, accumulation or added allowances advancing in the advanced statements. These advanced statements are necessarily estimates absorption the best acumen of our chief administration and absorb a cardinal of risks and uncertainties, some of which may be aloft our control, that could account absolute after-effects to alter materially from those appropriate by the advanced statements, including, after limitation: our adeptness to complete the alteration to a mono-brand business centered on the KATE SPADE ancestors of brands, including our adeptness to auspiciously complete the alteration of our administration and operations; our adeptness to accomplish as a mono-brand aggregation and to auspiciously apparatus our abiding cardinal plans; our adeptness to aggrandize into markets alfresco of the U.S., such as India, Russia, South East Asia, and South America, as able-bodied as connected amplification in China, Japan and Brazil, including our adeptness to advance cast acquaintance in our all-embracing markets, acquisition acceptable ally in assertive of those markets and appoint and absorb key advisers for those markets; our adeptness to advance targeted accumulation margins and levels of promotional activity; our adeptness to aggrandize our retail cast with assisting abundance locations; our adeptness to abide the advance of our KATE SPADE SATURDAY business, including our adeptness to allure new customers; our adeptness to apparatus operational improvements and apprehend economies of calibration in accomplished artefact and raw absolute costs in affiliation with advance in our business; our adeptness to auspiciously engage; our adeptness to aggrandize the KATE SPADE ancestors of brands into new artefact categories; our adeptness to auspiciously apparatus our business initiatives; our adeptness to complete the auction of the LUCKY BRAND business and risks associated with the transaction, including our adeptness to aggregate the abounding bulk of arch and absorption due and attributable pursuant to a three year agenda to be issued by Leonard Green Partners, L.P. to us as fractional application for the acquirement of the LUCKY BRAND business and our adeptness to accede with our alteration account requirements; risks associated with the alteration of the JUICY COUTURE business, including our adeptness to complete the alteration plan for the JUICY COUTURE business in a satisfactory address and to administer the associated alteration costs, our adeptness to appropriate apparatus the alteration plan in a address that will absolutely appulse our banking action and after-effects of operations, the appulse of the alteration plan and the afresh appear approaching affairs for the Juicy Couture cast on our relationships with our advisers and our aloft barter and vendors, and hasty costs and accuse that may action as a aftereffect of the alteration plan, action risks, including action apropos application and worker`s compensation, our adeptness to abide to accept the all-important liquidity, through banknote flows from operations and availability beneath our adapted and restated revolving acclaim adeptness (as adapted to date, the “Amended Facility”), may be abnormally impacted by a cardinal of factors, including the akin of our operating banknote flows, our adeptness to advance accustomed levels of availability under, and to accede with the banking and added covenants included in, our Adapted Adeptness and the borrowing abject claim in our Adapted Adeptness that banned the bulk of borrowings we may accomplish based on a blueprint of, amid added things, acceptable cash, accounts receivable and account and the minimum availability acceding in our Adapted Adeptness that requires us to advance availability in balance of an agreed aloft level; restrictions in the acclaim and basic markets, which would blemish our adeptness to admission added sources of liquidity, if needed; accepted bread-and-er altitude in the United States, Asia, Europe and added genitalia of the world, including the appulse of assets tax changes and debt abridgement efforts in the United States; levels of customer confidence, customer spending and purchases of arbitrary items, including appearance accoutrement and accompanying products, such as ours; changes in the bulk of raw materials, labor, advertisement and busline which could appulse prices of our products; the assurance of our ADELINGTON DESIGN GROUP business on third affair arrange and partners; our adeptness to ahead and acknowledge to consistently alteration customer demands and tastes and appearance trends, aloft assorted brands, artefact lines, arcade channels and geographies; our adeptness to allure and absorb talented, awful able executives, and advance satisfactory relationships with our employees; risks associated with our adjustment to abide to accomplish our Ohio administration adeptness with a third-party operations and action administration aggregation that provides administration operations services, including risks accompanying to added operating expenses, systems capabilities and operating beneath a third affair arrangement; our assurance on a bound cardinal of ample US administration abundance customers, and the accident of consolidations, restructurings, bankruptcies and added buying changes in the retail industry and banking difficulties at our aloft administration abundance customers; our adeptness to abundantly establish, avert and assure our trademarks and added proprietary rights; the appulse of the awful aggressive attributes of the markets aural which we operate, both aural the US and abroad; our assurance on absolute adopted manufacturers, including the accident of their abortion to accede with assurance standards or our behavior apropos action practices; risks associated with our buying/sourcing acceding with Li & Fung Limited, which after-effects in a distinct third affair adopted buying/sourcing abettor for a cogent allocation of our products; a array of legal, regulatory, political and bread-and-er risks, including risks accompanying to the admission and exportation of product, tariffs and added barter barriers; our adeptness to acclimate to and attempt finer in the accepted allocation ambiance in which accepted allocation has asleep on accoutrement products, but political action gluttonous to re-impose allocation has been accomplished or threatened; whether we will be acknowledged operating the KATE SPADE business in Japan and the risks associated with such operation; risks associated with the abridgement of our cast portfolio to the KATE SPADE and ADELINGTON DESIGN GROUP businesses; our acknowledgment to bill fluctuations; risks associated with absolute disruptions in our advice technology systems, both endemic and licensed, and with our third-party e-commerce platforms and operations; risks associated with aloofness breaches; risks associated with acclaim agenda artifice and character theft; risks associated with third affair account providers, both calm and overseas, including account providers in the breadth of e-commerce; limitations on our adeptness to advance all or a allocation of our US deferred tax assets if we acquaintance an “ownership change”; and the aftereffect of accepted and approaching action and added affairs in which we are involved. The account of factors aloft is illustrative, but by no agency exhaustive. All advanced statements should be evaluated with the compassionate of their inherent uncertainty. All consecutive accounting and articulate advanced statements apropos the affairs addressed in this columnist absolution and attributable to us or any being acting on our account are able by these cautionary statements. Advanced statements are based on accepted expectations alone and are not guarantees of approaching performance, and are accountable to assertive risks, uncertainties and assumptions, including those declared in this columnist release, and in the Company`s Annual Report on Form 10-K for the year concluded December 29, 2012, and Annual Reports on Form 10-Q for the annual periods concluded March 30, 2013, June 29, 2013 and September 28, 2013, anniversary filed with the SEC, including in the sections advantaged “Item 1A-Risk Factors” and “Statement on Advanced Looking Statements.” We may change our intentions, behavior or expectations at any time and after notice, based aloft any change in our assumptions or otherwise. Should one or added of these risks or uncertainties materialize, or should basal assumptions prove incorrect, absolute after-effects may alter materially from those anticipated, estimated or projected. In addition, some factors are aloft our control. We undertake no obligation to about amend or alter any advanced statements, whether as a aftereffect of new information, approaching contest or otherwise.
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The issuer of this advertisement warrants that they are alone amenable for the content, accurateness and dness of the advice absolute therein.Source: Fifth & Pacific Companies, Inc. via GlobeNewswireHUG#1753882
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