Perry Ellis to buy two Liz Claiborne brands
Miami-based Perry Ellis International said Tuesday it has reached an agreement to buy two women's apparel brands from Liz Claiborne Inc. for $37 million.
Perry Ellis, which had revenues of $227.5 million in fiscal year 2007, is a major shipper that uses some 130 independent suppliers located in the Far East, other parts of Asia, Africa, South America and Central America.
Perry Ellis said in a statement it expects to close on the deal for the C&C California and Laundry brands by Feb. 4. The company said it would combine the Liz Claiborne brands with its own Original Penguin brand to create a 'contemporary business platform.'
C&C California, based in Los Angeles, was projected to have sales of $23 million in 2007. Laundry, with showrooms in Los Angels and New York, is a dress brand sold in major retailers that include Saks, Bloomingdale's, Nordstrom's, and Neiman Marcus. Its projected revenue for 2007 was $30 million.
Perry Ellis to buy two Liz Claiborne brands
