Lucky Brand and Juicy Couture Brands of Fifth and Pacific Cos. have received offers from potential bidders. The bidders include VF Corp., E-Land Group, Advent International Corp and Leonard Green and Partners LP. The transaction was first reported in Bloomberg News, citing anonymous sources with knowledge on the matter.
Bloomberg further reported that Fifth and Pacific set the deadline for first round bids by the 31st of April. The brands could be sold separately or as a group. The expected value of at least US$700 million is to be received from the sale.
In a similar report, the Wall Street Journal reported in April 3 that Fifth and Pacific was exploring the sale of Lucky and Juicy. Should the sale consummate, the only remaining brand of the firm would be Kate Spade.
Lucky Brand is expected to fetch a higher offer than Juicy Couture because of its recent profitability. Sales jumped by 10% to US$461.7 million last year.
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