Liz Claiborne will buy part of a Wickes unit.

Under an agreement in principle, the New York design house will pay an undisclosed amount of cash for certain assets of the Liz Claiborne accessories division. Claiborne expects to operate the accessories business as a separate division, with current management remaining. The division contracts for the manufacture and marketing of handbags, belts, scarfs and small leather goods under the Claiborne name. It was acquired when Santa Monica-based Wickes Cos. bought Gulf & Western’s consumer and industrial products group.