CDS has moved into a 109,000-square-foot floor in the Starrett-Lehigh Building on Manhattan's West Side overlooking the Hudson River, where the company will have showrooms for the brands that were formerly in-house only at L&T and are now being reworked and upgraded for broader distribution. CDS is also staffing up, with product developers, stylists, merchants, designers and others, a team of about 80 people. Existing staff from L&T's proprietary brand program will be included.

Baker said a long search was involved in finding a CDS ceo. Berglass and Associates executive recruiting firm assisted CDS in the hunt. After attaining an M.B.A., Davidson entered the buyer training program at Bloomingdale's, became a merchandise manager at Henri Bendel, served as president of Chaus and spent 10-and-a-half years at Liz Claiborne, most recently managing about $1.5 billion worth of business as group president for denim and nonapparel. She was also a former president of DKNY Jeans.

Last week, NRDC Equity formed NRDC Acquisition Corp., a special purpose acquisition company, to purchase one or more operating businesses. The company completed its initial public offering of 41.4 million units, including 5.4 million units pursuant to the underwriters' over-allotment option. The units were sold at an offering price of $10 each, generating gross proceeds of $414 million. That's enough equity to purchase a $1 billion to $2 billion company, Baker said. Each unit consists of one share of common stock and one warrant to purchase an additional share of common stock at $7.50.

"We are really looking to add more designers to this stable," said Davidson. "The intent is to nurture and develop American talent."