May 23 (Bloomberg) -- Fifth & Pacific Cos., the apparel retailer formerly named Liz Claiborne Inc., says customers can now buy shares in the company via its brands’ Facebook pages and on its website without paying fees.
The New York-based owner of the Kate Spade, Juicy Couture and Lucky Brand labels is the first company to join a social-media and Web platform developed by Loyal3 Holdings Inc. that allows consumers to buy stock in their favorite brands with three clicks, the two companies said in a statement today.
The ownership plan will foster customer loyalty, Fifth & Pacific Chief Executive Officer Bill McComb said in the statement. The platform seeks to “democratize” the equities market, making stock ownership possible for tens of millions of people, Loyal3 CEO Barry Schneider said.
Fifth & Pacific dropped 0.5 percent to $12.33 at the close in New York. The shares have climbed 43 percent this year.
Loyal3, which operates a registered broker dealer Loyal3 Securities Inc., is based in San Francisco.
To contact the reporter on this story: Cotten Timberlake in Washington at email@example.com.
To contact the editor responsible for this story: Robin Ajello at firstname.lastname@example.org.