Wednesday, November 08, 2006

Liz Claiborne to buy Kate Spade for $124 ml: Reuters.comz

Liz Claiborne Inc. said on Wednesday it agreed to buy luxury accessories maker Kate Spade LLC for $124 million, including debt, expanding its reach into high-end department stores such as Neiman Marcus. Liz Claiborne, a leading U.S. seller of clothes and accessories for women, said the deal is expected to close in the current quarter and will likely hurt earnings slightly in fiscal 2007.
Privately held Kate Spade, a designer, marketer, wholesaler and retailer of high-end handbags and other accessories for women and men through its Kate Spade and Jack Spade brands, generated sales of about $84 million for its fiscal year ended July 30.

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