Jones Apparel Group Inc. (New York) has entered into an agreement to acquire Stuart Weitzman Holdings, a privately held designer and manufacturer of women's salon footwear and accessories. Stuart Weitzman products are sold in fine specialty and department stores and through its own chain of retail stores in the U.S. and abroad. The company reported net revenues of approximately $193 million for the year ended January 2, 2010.
“The Stuart Weitzman business represents an excellent addition to our existing portfolio of branded footwear and accessories and is an ideal complement to our designer and contemporary businesses,” says Wesley Card, ceo, Jones Apparel Group.
Under the terms of the agreement, Jones will make initial cash payments of approximately $180 million to selling shareholders, including Irving Place Capital, for a 55 percent interest. Stuart Weitzman will be the principal owner of the remaining 45 percent interest. Executive chairman Stuart Weitzman will continue in his role along with president Wayne Kulkin and the company’s existing management team.
Over the last five years, Stuart Weitzman, LLC has added 20 full-priced stores and opened its first five outlet stores domestically. The 30-year-old brand owns and operates 38 retail stores in the U.S., 7 stores internationally and provides exclusive licenses to 29 retailers to operate the Stuart Weitzman stores outside of the U.S.
Jones Apparel Group, a designer, marketer and wholesaler of branded apparel, footwear and accessories, markets directly to consumers through its chain of specialty retail and value-based stores, including Jones New York, Nine West, Anne Klein, Gloria Vanderbilt, Kasper, Robert Rodriguez, Bandolino, Easy Spirit, Evan-Picone, l.e.i., Energie, Enzo Angiolini, Joan & David, Mootsies Tootsies, Sam & Libby, Napier, Judith Jack, Albert Nipon and Le Suit.