Authentic Brands Group has purchased American fashion brand, Jones New York.
ABG is the parent company of retail brand Juicy Couture, and licensor of brands including Elvis Presley, Muhammad Ali, Marilyn Monroe, sports good maker Sportcraft, Judith Leiber, Adrienne Vittadini and Taryn Rose.
The company says the acquisition marks a new milestone in the company’s growth, propelling the ABG portfolio to more than $4.5 billion in retail sales.
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.”
Jones New York is known for its design, quality and style. With an active and loyal consumer following, today the brand drives close to $1 billion in retail sales across department stores in the US as well as key international markets including Canada, Europe, the Middle East and Latin America.
“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 and CMO 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.”
Mark Weber has been appointed strategic advisor to the parent company and his immediate focus will be on the Jones New York brand. Weber most recently served an eight year term as CEO of LVMH.
“I believe my experience in the luxury fashion sector will be a valuable asset that can be leveraged across ABG’s brand portfolio,” said Weber.
ABG’s initial focus for Jones New York will be the development of its strategic positioning, enhancing core values, and rebuilding the brand to its former prominence. There will be a strong emphasis on women’s apparel and accessories. Jones New York has had an important position in men’s tailored clothing, sportswear, and accessories as well, which will also play an important role in its global growth plans. ABG is preparing to announce a new long-term, strategic partner in the US and Canada for key categories that will launch at retail in spring 2016.
In January 2015, Jones New York, a portfolio company of private equity firm Sycamore Partners, announced that it was pursuing strategic alternatives for the Jones New York brand and, in conjunction with this action, is closing its retail locations and certain related business operations over the course of 2015. Terms of the sale of the Jones New York brand to ABG were not disclosed.