Liz Claiborne (LIZ) will change its name to “Fifth & Pacific” to better reflect its Lucky, Kate Spade and Juicy Couture brands and recognize the fashion hubs in New York and California after selling off its namesake line to J.C. Penney (JCP) in October for $267 million.

The new title and “FNP” ticker on the New York Stock Exchange will become effective around May 15.

“While it's difficult to replace an iconic name like Liz Claiborne, we believe that Fifth & Pacific Companies telegraphs who we are today – taking inspiration from New York and California, while describing our reach and our potential," said Liz Claiborne CEO William McComb.

The company head says Fifth & Pacific will be financially stronger, with a healthy balance sheet and reduced operating risk. The company will be simpler, anchored by just three high-growth retail-based brands with potential to expand in global markets, McComb said.

Liz Claiborne has been selling off assets, including DKNY Jeans and Elizabeth Arden brands, over the past year in a strategic move that has so far raised $471 million, cut down on debt and led to a surprise quarterly profit in November.

The retailer has also switched its attention to its own retail stores and upmarket brands from an earlier focus on department stores. Shares of Liz Claiborne were up nearly 3% Wednesday morning.

Follow Jennifer Booton on Twitter at @Jbooton