Investors have been as fickle about Liz Claiborne in the past year, as fashionistas have been about the latest hemline. But fashion is in the eye of the beholder and “Fast Money” noticed something unique in the company's new CEO, William McComb.
McComb first joined us on a day in May, when the company's profit had dropped 65% and shares were bid down the most in almost 9 years. But he told it like it was. "The consumer was weak in Q1, our product needs to perform better....(and) we’re experiencing changes in buying patterns at department stores."
He added, "Let me come back in July and I'll lay out the growth plan for you." And come back in July he did along with Liz Claiborne's share price. "We had a big portfolio with many brands, and the strategy we laid out involves paring the portfolio down to 4 major brands (Juicy Couture, Lucky, Kate Spade, and Mexx).”
Since that time Liz Claiborne has shed some of their other brands. But at the same time, investors have shed shares of LIZ. The stock is down since McComb unveiled his plan in July. Lucky for us, he's back with an update on last quarter's progress. Can he, in fact, remake this classic brand?
Following are excerpts from the conversation between McComb and the Fast Money panel.