Going once, going twice and sold! For $195 million Juicy Couture’s parent company Fifth and Pacific have sold the brand to the Authentic Brands group.
The sale of the well known label was a scheme by Fifth and Pacific to focus on its other big name brand, Kate Spade who is said to be earning them big, big bucks. Sadly the company has had slump in operating profits by 62% after a 6% drop in sales.
Guess no one wants to buy a velour tracksuit anymore. Apart from Juicy, the company also wishes to sell label Lucky Brand to the highest buyer as it also has had a 10% drop in sales. Will the Authentic Brand be able to bring Juicy Couture back from the dead? Stay tuned and find out.