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Liz Claiborne sells Enyce brand to Sean Combs
October 21, 2008 / 10:04 PM / 9 years ago

Liz Claiborne sells Enyce brand to Sean Combs

SAN FRANCISCO (Reuters) - Liz Claiborne Inc said on Tuesday it would sell its Enyce clothing brand to Sean “Diddy” Combs, the Grammy-winning musician and entrepreneur, for an undisclosed sum.

<p>Singer songwriter Sean "Puff Daddy" Combs sits on the sidelines watching the Los Angeles Lakers play the Boston Celtics during Game 5 of the NBA Finals basketball championship in Los Angeles, June 15, 2008. REUTERS/Jeff Haynes</p>

Liz Claiborne, which bought the denim-based streetwear line in 2003, said the company had determined that it could not “properly maximize the potential of Enyce.”

“The unsettled economic environment and our commitment to properly resource and focus on other brands in our portfolio contributed to this decision,” said Liz Claiborne Chief Executive William McComb in a statement.

The company said it was determining the impact of nonrecurring cash charges, which it said would be “insignificant” to cash flow, and non-cash charges related to the transaction.

Over the past year, Liz Claiborne has sold off many of its slower-growth brands in a broad restructuring to instead focus on retail-based brands like Kate Spade and Juicy Couture.

Combs’ business empire spans records, restaurants, fashion and fragrances.

Reporting by Alexandria Sage; editing by Gunna Dickson

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