Jones Apparel to acquire Stuart Weitzman shoes
10/05/2010
Jones Apparel will make initial cash payments of approximately $180 million to selling shareholders, including Irving Place Capital, for a 55% interest in Stuart Weitzman. The footwear brand’s founder, shoe designer Stuart Weitzman, will be the principal owner of the remaining 45% of shares.
The footwear brand has 20 full-priced stores and five outlet stores in the US, as well as seven stores outside US, including flagship stores in Rome and Milan. It also has 19 licensed stores. Stuart Weitzman will continue as executive chairman of the company.
Wesley Card, chief executive officer of Jones Apparel Group, said on announcing the deal: “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.”
For his part, Stuart Weitzman, said: “Jones has the resources to scale the business to maximise future growth and a rich history of understanding and supporting the entrepreneurial nature of its various businesses. I am extremely confident that, because of its appreciation of our brand vision, we have found a strategic partner to help us maximise our growth opportunities. We look forward to collaborating with Jones and leveraging its strong infrastructure to help us improve our service and expand our product mix to an even broader consumer base worldwide.”
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