January 17, 2008
KOHL'S ANNOUNCES LICENSE AGREEMENT WITH LIZ CLAIBORNE INC.
Dana Buchman Classic Lifestyle Brand to be Sold Exclusively at Kohl’s Stores in Spring 2009
MENOMONEE FALLS, Wis., January 17, 2008 — Kohl's Corporation (NYSE: KSS) and Liz Claiborne Inc. (NYSE: LIZ) today announced a licensing agreement naming Kohl’s as the exclusive U.S. retailer for the Dana Buchman brand on a wide variety of merchandise. The classic lifestyle brand will span several categories, including women’s apparel, intimate apparel, accessories and footwear and will be available in spring 2009 in more than 1,000 Kohl’s stores nationwide and on Kohls.com. Ultimately, the brand may extend into home, beauty and fragrance categories.
“We are very excited to announce our partnership with Liz Claiborne Inc. The Dana Buchman brand, known for great classic style, has been a recognizable name in American women’s fashion for more than two decades,” said Kevin Mansell, president of Kohl’s Corporation. “The Dana Buchman brand is an excellent addition to our growing portfolio, and furthers Kohl’s mission of offering our customers exclusive world-class brands at an exceptional value.”
Dana Buchman said, "I have long admired Kohl’s and am looking forward to building a lifestyle brand with them. While closing a business I have built and nurtured for more than 20 years stirs up a lot of emotions, I am very excited to reach a broader audience with a partner like Kohl's."
Commenting on the announcement, William L. McComb, chief executive officer of Liz Claiborne Inc., said, “Dana Buchman is a special brand with a strong heritage, and we had a number of interested buyers. Ultimately, we determined that pursuing this unique partnership with Kohl’s would provide better long-term value to our shareholders. We have been very successful with Kohl’s to date, and I cannot think of a better way to serve a customer we both love than by working together to offer her a complete lifestyle brand. This is a win-win opportunity for all involved.”
Under the agreement, the Dana Buchman classic lifestyle brand will be designed by Liz Claiborne Inc. Kohl’s will lead the manufacturing, production, distribution and marketing of the collection. Dana Buchman’s image and likeness is expected to be leveraged in marketing.
Based in Menomonee Falls, Wis., Kohl’s (NYSE: KSS) is a family-focused, value-oriented specialty department store offering moderately priced, exclusive and national brand apparel, shoes, accessories, and beauty and home products in an exciting shopping environment. Kohl’s operates 929 stores in 47 states. A company committed to the communities it serves, Kohl’s has raised more than $85 million for children’s initiatives nationwide through its Kohl’s Cares for Kids® philanthropic program. For a list of store locations and information, or for the added convenience of shopping online, visit www.kohls.com.
About Liz Claiborne
Liz Claiborne Inc. designs and markets an extensive range of branded women's and men's apparel, accessories and fragrance products. Our diverse portfolio of quality brands — available domestically and internationally via wholesale and retail channels — consistently meets the widest range of consumers' fashion needs, from classic to contemporary, active to relaxed and denim to streetwear. For more information, visit http://www.lizclaiborneinc.com.
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Vicki Shamion, Kohl's, 262-703-1464, Vicki.Shamion@kohls.com
Jane Randel, Liz Claiborne Inc., 212-626-3408, Jane_Randel@liz.com