Authentic Brands Group Acquires Jones New York
Authentic Brands Group, the New York brand development and licensing company, is the new owner of the Jones New York label, which was acquired for an undisclosed amount from Sycamore Partners.
“We are honored to welcome Jones New York to ABG’s distinguished women’s portfolio,” said Jamie Salter, Authentic Brands’ chairman and chief executive. “With a 40-year history of iconic and timeless design, Jones New York embodies American style. Our vision fuses ABG’s passion for brand building with a 21st-century approach that will redefine this enduring classic.”
Authentic Brands said it would be concentrating on rebuilding the Jones New York brand to its former prominence with a strong emphasis on women’s apparel and accessories.
The label—which also had a major presence in men’s tailored clothing, sportswear and accessories—will see these categories play a major role in the brand’s global growth.
As part of the acquisition, Authentic Brands said it has appointed Mark Weber as a strategic adviser whose immediate focus will be on the Jones New York label.
Weber is a veteran apparel executive whose career includes being president and chief executive of PVH Corp. and, most recently, having served an eight-year term as chief executive of LVMH Inc. (Louis Vuitton Moöt Hennessy). At LVMH Inc. Weber was a member of the executive committee in Paris overseeing a number of businesses, most notably serving as chairman and chief executive of Donna Karan International. “I am excited to get involved with the leadership team at ABG,” Weber said. “I believe my experience in the luxury fashion sector will be a valuable asset that can be leveraged across ABG’s brand portfolio.”
Authentic Brands, whose majority owner is Los Angeles–based Leonard Green Partners, said it will be announcing a new long-term, strategic partner in the United States and Canada for key categories that will launch at retail for the Spring 2016 season.
With the Jones New York acquisition, Authentic Brands said its portfolio will now reach $4.5 billion in sales.
The Jones Group, which included Jones New York, was a publicly traded company on the New York Stock Exchange until it was acquired in 2014 by Sycamore Partners for $2.2 billion. With the acquisition, The Jones Group’s stock ceased being traded on the NYSE.
As its new owner, Sycamore Partners divided The Jones Group into four different groups: the Nine West Group, a separate jeanswear company, Jones New York and the Kasper Group.
Earlier this year, Sycamore Partners announced it would be closing all the Jones New York retail locations and certain related business operations during 2015.
Authentic Brands and Sycamore Partners are both major powerhouses in the arena of apparel and stores.
Authentic Brands’ stable of labels includes Juicy Couture, Elvis Presley, Marilyn Monroe, Tapout, Hickey Freeman, Judith Lieber, Adrienne Vittadini and Taryn Rose. It is a contender to acquire the Frederick’s of Hollywood brand, which recently filed for Chapter 11 bankruptcy protection.
Sycamore Partners has an investment portfolio that includes Aéropostale, Coldwater Creek, Hot Topic, Talbot and Stuart Weitzman.