What's in a name: Fifth & Pacific becomes Kate Spade

Fifth & Pacific (FNP) officially changes its name to Kate Spade.

The company decided to make the change after a number of asset sales and closures left it with just one major brand.

In another bit of major news, the retailer says CEO  William McComb  will step down to be replaced by Craig Leavitt,  the current CEO of Kate Spade.

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