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Remember when Juicy Couture's California founders Pamela Skaist-Levy and Gela Nash-Taylor started hitting up private equity firms to buy their brand back? Well, the company that owns their tracksuit-loving label beat them to the punch. Yesterday, Fifth & Pacific announced that it has sold JC for a cool $195 million. The buyer? NY-based brand development and licensing company Authentic Brands Group, who also owns the iconic Marilyn Monroe brand.
Although Fifth & Pacific (formerly Liz Claiborne Inc.) has helped Juicy Couture stay afloat for the past decade (they acquired it for more than $230 million back in 2003), the line's significant drop in sales has proven to be a major buzzkill. Apparel News notes that "Last year, Juicy Couture's revenues declined 6.4 percent to $498.6 million on top of a drop in 2011. During the first half of this year, sales shrunk 10.7 percent to $192 million." Ouch.
Do you think sprinkling Juicy Couture with a little Monroe-like fairy dust will boost its popularity? Or are the velour days over?
· Juicy Couture [Official Site]
· Juicy Couture Sold to Authentic Brands Group [CAN]
· Juicy Founders Are the "Most California People That Ever Lived" [Racked]