Jones Apparel to buy Stuart Weitzman
07 May 2010
Jones Apparel Group, Inc, an American designer of clothes and accessories said yesterday that it will buy Stuart Weitzman Holdings, a privately-held designer and manufacturer of women's salon footwear and accessories for an initial cash payment of $180 million.
New York City-based Stuart Weitzman is a leading designer, manufacturer, wholesaler and retailer of premium women's shoes and handbags in approximately 60 countries.
Made famous by his trademark use of unique materials and keen attention to detail, Stuart Weitzman currently owns and operates 38 retail stores in the US, 7 stores internationally and provides exclusive licenses to 29 retailers to operate the Stuart Weitzman stores outside of the US.
Jones Apparel, also based in New York, will buy a 55 per cent stake from investors including private-equity firm Irving Place Capital for $180 million in cash.
Stuart Weitzman will be the principal owner of the remaining 45 per cent interest. The selling shareholders will receive cash payments for their remaining interest at the end of 2012, based upon the value of Stuart Weitzman at that time, said Jones Apparel in a statement.
Jones Apparel Group, a Fortune 500 company, is a leading designer, marketer and wholesaler of branded apparel, footwear and accessories.
The company recognised brands include Jones New York, Nine West, Anne Klein, Gloria Vanderbilt, Kasper, Robert Rodriguez, Bandolino and Easy Spirit among others.
Jones Apparel had acquired luxury department store chain Barneys New York for $400 million in 2004, and sold it in September 2007 to Dubai-based investment firm Istithmar for $942.3 million.