10/21: Diddy Purchases Enyce Clothing From Liz Claiborne
Here's the press release:
SEAN “DIDDY” COMBS ACQUIRES FASHION LABEL ENYCE
FROM LIZ CLAIBORNE INC.
Combs and partner The Yucaipa Companies purchase popular streetwear brand with eye on massive expansion
October 21, 2008 (New York, NY) – Sean “Diddy” Combs and Liz Claiborne Inc. (NYSE: LIZ) announce today the purchase of fashion label ENYCE by Sean “Diddy” Combs. Founded in 1996, Enyce is a denim based sportswear brand offering knits, wovens, outerwear, and graphic tees for men and boys, as well as a successful “Big and Tall” and women’s line. Liz Claiborne purchased Enyce in 2003. Both companies will work together to ensure a smooth and orderly transition for retail partners, vendors and employees.
Founder and CEO of Sean John, Sean “Diddy” Combs said, “Enyce is a brand that I have always admired, and they have been a very important player in the young men’s sportswear arena for over a decade. I am really excited to bring it into our portfolio of brands that already includes Sean John and Zac Posen. Given our track record of success in marketing products such as Ciroc Vodka, Unforgivable by Sean John, and all of our television titles, I look forward to adding our expertise to an already hot fashion line. Our long-term plan is to grow the Enyce brand through innovative marketing, expansion of the menswear and boy’s lines, and launching into new licensing categories. The current economic climate may be challenging, but we believe it is also an opportunity, and we are really excited to add Enyce to our lineup.”
William McComb, Chief Executive Officer of Liz Claiborne Inc., commented, “As we continue to implement our strategy of building powerful brands, we determined that we can’t properly maximize the potential of Enyce. Enyce is a strong brand with a loyal customer following, however the unsettled economic environment and our commitment to properly resource and focus on other brands in our portfolio contributed to this decision. As a leading player in the young men’s market, Sean Combs has the expertise and resources to help Enyce endure this difficult period and ultimately thrive. We are pleased that Sean Combs has decided to purchase the brand.”
Liz Claiborne Inc. is in the process of determining the impact of the non-recurring cash charges, which will be insignificant to the Company’s cash flows, and non-cash charges associated with this transaction. The operating results of Enyce and the impact of this sale transaction will be presented as discontinued operations in the Company’s financial statements.
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