– LIZ DEALS CLOSE: Liz Claiborne Inc. has completed its strategic review process, closing the sale of Prana on Friday and, it is expected, Ellen Tracy this morning. Prana Living LLC, a company formed by Prana’s management team and Steelpoint Capital Partners, bought substantially all of the assets and liabilities of the active brand for $36.5 million, paying Claiborne $18.1 million in cash and settling a contingent earnout of $18.4 million owed to Prana’s founders, who reinvested the money in the buyout. Ellen Tracy’s closing was pushed from Monday to this morning, according to sources close to the deal. Radius Partners LLC, Windsong Brands LLC, Barry Sternlicht and Marvin Traub bought the bridge brand for $42.3 million.
This story first appeared in the April 8, 2008 issue of WWD. Subscribe Today.
– A.S. Watson Appoints CEO in U.K.: A.S. Watson Group — the retail arm of the Hong Kong based conglomerate Hutchison Whampoa Ltd. — said Monday that it has appointed Jeremy Seigal as chief executive officer of A.S. Watson (U.K.). Seigal replaces Euan Sutherland, who resigned last week. Seigal will be responsible for the management of all A.S. Watson retail operations in the U.K., which include the health and beauty chain Superdrug, the discount drugstore chain Savers and The Perfume Shop. He reports to Dominic Lai, group managing director of A.S. Watson. Seigal was formerly managing director of the The Perfume Shop. He cofounded The Perfume Shop in 1991, and remained with the business after A.S. Watson acquired its parent company, Merchant Retail Group, in 2005.
– REPLAY’S NEW CHIEF: Fashion Box Group SpA, Replay’s parent company, confirmed that Gaetano Sallorenzo will become chief executive. Sallorenzo, 50, last week stepped down as president and ceo of ck Calvin Klein Sportswear and ck jeans for Europe and Asia. “Ours is a very creative and dynamic company and we’re sure that thanks to his prestigious and international experiences, Sallorenzo will contribute significantly to our growth plans, both in existing and new markets,” said Paola Buziol Dametto, Fashion Box’s majority shareholder and widow of company founder Claudio Buziol.