Liz Claiborne Changes Name to Fifth & Pacific
Liz Claiborne Inc. is changing its name to Fifth & Pacific Cos. Inc in May. After 36 years it's the end of an era, but swapping out the nostalgic name does make sense. Back in October, the company announced it was shutting down the namesake brand among others after selling it to J.C.Penney. Their plan was to focus on their more lucrative brands like Juicy Couture, Kate Spade, and Lucky Brand.
"We wanted a name that somehow captured the intrinsically American element of what we do, even though these are global brands... we talked about the lurking drama of New York and Los Angeles really being a defining element of what we are as a company," CEO William L. McComb told Women's Wear Daily. So while Liz Claiborne is an identifiable name with a history, it's only logical to have a more modern name that reflects their current roster of brands.
As for the origins of Liz Claiborne Inc., Anne Elisabeth Jane "Liz" Claiborne was a Belgian-born American who won a Harper's Bazaar-sponsored design contest and moved to New York. She started Liz Claiborne Inc in 1976 and it was an instant success. Ten years later her company became the first one founded by a woman to make the Fortune 500 with retail sales of $1.2 billion. Claiborne was also the first woman to serve as chairperson and CEO of a Fortune 500 company.
Claiborne insisted that her entire collection be placed together in a department store, instead of in separate clothing categories. This ultimately changed the way all major department stores are arranged and allowed us to shop in a more creative way, mixing and matching items to create outfits. Apparently Claiborne would sometimes pose as a saleswoman to see what consumers really thought of her clothing. She died in 2007 at the age of 78 after a long battle with cancer. That same year, Isaac Mizrahi became the brand's designer and tried to revamp the line under "Project Runway" star Tim Gunn, who served as chief creative officer, but it was ultimately a failure. J.C. Penney bought the brand in 2009 for a contract that could last up to 10 years.
Liz Claiborne Inc. (soon to be Fifth & Pacific) sold off Monet, kensie, kensiegirl, Mac & Jac, Dana Buchman, and Mexx in October of last year, but a newly launched website displays their current profitable brands. Towards the end of 2011 the Liz Claiborne stock was rising, but there's no telling what their new name change may do to people's confidence in the brand. After a long history in the fashion business we wish them well.
Related links:
A Fashion Pronunciation Guide
J.C. Penney's new sexist men's clothing ad (video)
Shine Get It Guide review: the most popular jeans
