US: Fifth & Pacific coy on Juicy Couture sale
Apparel firm Fifth & Pacific has remained coy on speculation it is looking to sell its struggling Juicy Couture brand.
The company is in the early stages of exploring alternatives for the Juicy brand, including a potential sale, according to a Reuters report. Fifth & Pacific has contacted potential buyers, it said, including some in Asia.
However, the discussions were preliminary and the group has not decided whether it will sell the brand, the report added.
Meanwhile, a spokesperson for Fifth & Pacific told just-style: "We do not comment on market speculation or rumours."
Last month, the company was forced to admit that disappointing Juicy Couture sales and Superstorm Sandy hit its fourth-quarter performance. Over the quarter, Kate Spade and Lucky Brand saw sales increase 27% and 3% respectively, while Juicy posted a 2% decline.
Despite the fall in sales, Fifth & Pacific reiterated its commitment to the Juicy brand last month, as it outlined its goals and priorities for 2013 at the ICR XChange conference in Miami.
"This has to be the year where Juicy finds stabilisation," chief executive officer Bill McComb said.
"Juicy is in full turnaround mode. The brand identity is actually as strong as Kate Spade's - even stronger overseas and the shifts in positioning merchandising that did not deliver are being addressed now," McComb added.
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