NEW YORK (Reuters) - U.S. apparel and clothing maker Liz Claiborne Inc (LIZ.N: Quote, Profile, Research) does not plan any acquisitions in the next 18 to 24 months, but would be interested in a European lifestyle brand, its chief executive officer said on Thursday.

Chief Executive William McComb said in an interview that he is working for now on improving the company's brands, such as Mexx, Juicy Couture, Lucky Brand Jeans and Kate Spade.

Liz will also work toward making the company debt-free, rather than changing its dividend payout or buying back shares, McComb said.

The former Johnson & Johnson (JNJ.N: Quote, Profile, Research) executive, who is credited with revitalizing its sales of Tylenol, also said he sees the U.S. economy "getting worse before it gets better" but said he expects some stock market recovery by 2010.

(Reporting by Martinne Geller; Editing by Brian Moss)