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Innovo Sells Craft Unit

Jarden's Loew-Cornell arm buys a namesake-turned-noncore operation.
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Innovo

(INNO)

sold its Innovo Inc. craft accessories unit to

Jarden's

(JAH)

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Loew-Cornell.

Terms weren't disclosed, but Los Angeles-based Innovo said the sale "furthers the company's intention to focus its principal business activities on branded and private-label denim and denim-related apparel products."

Innovo sells women's high-end denim and denim-related apparel under the Betsey Johnson name and men's high-end denim jeans, jackets and tops under the Joe's Jeans brand.

"We are pleased that this transaction with Loew-Cornell, a company with long history and experience in the craft and accessory industry, has allowed us to sell to a buyer that is committed to growing the craft business," Innovo CEO Marc Crossman said.

The move comes less than a year after Crossman took over at the helm of Innovo for founder Pat Anderson.

On Tuesday, Innovo rose 7 cents to $6.16, and Jarden fell a dime to $47.39.