New York -- Fifth & Pacific Cos., formerly known as Liz Claiborne, agreed to sell its Juicy Couture brand to Authentic Brands Group for $195 million, according to various reports.
"This decision is the result of a process we began last year—studying our resource allocation needs, our capital structure, and the operating risks and opportunities associated with a three-brand portfolio while still maximizing shareholder value," said William McComb, CEO of Fifth & Pacific, in a statement.
Fifth & Pacific has said it wants to focus on its higher-end Kate Spade brand. The company has been selling its brands and, with the sale of Juicy, is now down to just two: Kate Spade and Lucky Brand.
Juicy, best known for its brightly-colored velour track suits, has been struggling since the sweatsuits and the brand fell out of favor.
Authentic Brands, a division of Leonard Green & Partners, will get a $10 million guaranteed minimum royalty from Fifth & Pacific, Reuters reported.