J.C. Penney is acquiring the worldwide rights for the Liz Claiborne brand as well as the U.S. rights to jewelry brand Monet.

The company paid $267.5 million for the two acquisitions.

J.C. Penney plans to become the exclusive destination for Monet, which is not currently offered at its stores, by August 2012.

The department store retailer, which will soon be headed by former Apple store chief Ron Johnson, has been the exclusive licensee for all Liz Claiborne and Claiborne-branded merchandise in the U.S. and Puerto Rico since August 2010.

Under the terms of the agreement, Penney will acquire the worldwide rights and intellectual property for the entire Liz Claiborne brand portfolio, including Liz Claiborne, Claiborne, Liz, Liz & Co., Concepts by Claiborne, LC, Elizabeth, LizGolf, LizSport, Liz Claiborne New York, and Lizwear brands. The brand has also sold jewelry at J.C. Penney stores.

J.C. Penney expects to retain the Liz Claiborne design team.

The transaction is expected to close within 30 days.

JCK