Time Products, Inc is to sell its Judith Leiber division to Pegasus Apparel Group (PAGI). The sale is expected to be completed within 30 days.The Judith Leiber company will become a wholly-owned subsidiary of the Pegasus Apparel Group. The business will be acquired as an ongoing concern. Victor Lipko, who joined the Judith Leiber company as CEO in 1996, will continue to manage the company, reporting to Stephen L. Ruzow, chairman and chief executive officer of PAGI. Mr Ruzow will also hold the title of chairman of Judith Leiber, LLC."Judith Leiber is one of the premiere luxury accessories brands in the world today," said Ruzow. "It has an amazing history that started with the founder, and today the brand's international recognition is unparalleled by any other American accessories designer."This acquisition is emblematic of Pegasus's movement towards growing established brands worldwide and diversifying into accessories and other product categories.Pegasus will strategically expand the Leiber product line and long-term plans include opening additional free-standing stores. Judith Leiber evening bags are sold in exclusive specialty stores in the US, including Neiman Marcus, Saks Fifth Avenue, Bergdorf Goodman and Bloomingdale's. The Judith Leiber company owns and operates boutiques in New York, California and Las Vegas as well as a concession in Harrods, London.Leiber is the most recent acquisition of the Pegasus Apparel Group, Inc, the New York based fashion investment group. Pegasus's other holdings include majority positions in Miguel Adrover, Pamela Dennis, Daryl Kerrigan and Angela Amiri.