The bidding for Fifth & Pacific Cos. Inc.’s Lucky Brand division has entered into the late-stage negotiation round, while its Juicy Couture brand is said to be slightly further behind in the bidding process, sources said.
As first reported last month, the bidding for Lucky was between two potential buyers: Jos. A. Bank Clothiers Inc. and global private equity firm Advent International. One of Advent’s operating partners is Jenny Ming, now president and chief executive officer of Advent portfolio company Charlotte Russe. She previously was president of Old Navy and a member of the original executive team that founded the Gap Inc. division.
Reuters reported Monday that Fifth & Pacific was in discussions with Advent on the sale of Lucky, which noted that the deal wasn’t finalized and could still fall apart.
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A spokeswoman for Fifth & Pacific declined comment, while a representative for Advent did not return a call for comment.
One financial source said that it could take another two weeks for a deal to close due to last minute details and paperwork that needs to be taken care of before final approvals are given to close a transaction. This individual also said that any discussion on staffing and any other interim support Fifth & Pacific might provide during the transition to new ownership could also delay the closing of a deal.
As for the sale of the Juicy brand, Authentic Brands Group and IDG Capital Partners were the two said to be interested. According to financial sources, final bids were received on July 11.
Shares of Fifth & Pacific on Monday were down 1.1 percent to $23.17 in Big Board trading.