Sycamore Partners has sold Jones New York – one of many fashion brands it acquired in a December 2013 transaction with The Jones Group – to Authentic Brands Group (ABG), a portfolio company of Leonard Green & Partners. In January 2015, Sycamore Partners announced that it was examining strategic alternatives for the Jones New York brand.
Jones New York is a multi-channel wholesaler and retailer of women’s sportswear. The brand was founded in 1975 and there are approximately 80 Jones New York stores in the US. The brand has close to$1 billion in retail sales in the US as well as international markets including Canada, Europe, the Middle East and Latin America (www.jny.com).
“Jones New York has a long-standing position as an iconic American brand through best-in-class licensing and retail partners,” said Nick Woodhouse, President of ABG. “We see great opportunity for this powerhouse brand and are implementing a strategy that is fueled by partnerships, innovative design, and distribution. Jones has a deep-rooted American heritage that we are excited to leverage on a global scale.”
Sycamore Partners acquired Jones New York as part of the acquisition of The Jones Group in December 2013. At that time the company’s brands and licensing agreements included: Jones New York, Nine West, Anne Klein, Kurt Geiger, Rachel Roy, Robert Rodriguez, Robbi & Nikki, and Stuart Weitzman, and many others.
Authentic Brands Group is an intellectual property corporation formed by Leonard Green & Partners in June 2010 to acquire, manage and build value in prominent consumer brands. Specific areas of interest include fashion, sports and lifestyle, celebrity, media and entertainment. ABG’s brands have total annual retail sales of approximately $4.5 billion. The company is headquartered in New York with offices in Toronto and Los Angeles (www.authenticbrandsgroup.com).
“We are honored to welcome Jones New York to ABG’s distinguished Women’s portfolio,” said Jamie Salter, Chairman and CEO of ABG. “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.”
Leonard Green & Partners invests in middle-market companies with market-leading franchises and defensible competitive positions, attractive growth prospects and proven management teams. Sectors of interest include retail, distribution, healthcare, aerospace/defense, and consumer/business services. The firm was founded in 1989 and manages approximately $15 billion of equity capital. Leonard Green & Partners is located in Los Angeles (www.leonardgreen.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 4-23-15