General Mills will spin off its fashion business.

In announcing steps to complete divestment of the business, the company said that Monet Jewelers and the Izod, Lacoste and Ship 'n Shore apparel operations will be spun off into a free-standing company and that Foot-Joy will be sold to American Brands for $53 million cash. The new company is expected to be listed on the New York Stock Exchange and will be headed by Richard F. Kral. Its assets will be about $250 million, with current annual sales exceeding $475 million.