JAPAN: Kate Spade to acquire JV partner's stake
Kate Spade New York, the lifestyle brand owned by Fifth & Pacific Companies, has exercised an option to acquire a 51% stake in jointly owned company Kate Spade Japan Co from its Japanese joint venture partner Sanei International Co.
KSJ operates the Kate Spade and Jack Spade businesses in Japan.
The acquisition is subject to a number of conditions, including the completion of financial and other due diligence and the execution of a mutually satisfactory termination agreement, Kate Spade said.
If these conditions are satisfactory, the purchase is expected to be complete in the fourth quarter of 2012. The purchase price is estimated to be between US$45m and $50m, including debt repayment and related transaction fees.
The buyout is not expected to impact the company's adjusted EBITDA for this year.
Fifth & Pacific subsidiary Kate Spade has completed the acquisition of the 51% stake in Kate Spade Japan owned by Japanese joint venture partner Sanei International. ...
US fashion firm Fifth & Pacific has today seen its third-quarter net losses narrow as sales of its Juicy Couture brand continued to struggle....
Kate Spade New York, the lifestyle brand owned by Fifth & Pacific Companies, will unveil its latest clothing brand to the Japanese market in February....
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