Sycamore Partners, a private equity firm based in New York, has acquired The Jones Group Inc., a retail company operating several luxury brands, including Jones New York, Anne Klein and Stuart Weitzman. The acquisition deal, which is expected to close by Q2 2014, was accepted for $1.2 billion, or $15 per share.
Jones Group initially offered to sell in summer 2013, following poor sales and a decrease in orders from department stores. With the acquisition, Jones Group will be poised to help its brands “reach their true potential” as a private company, according to Wesley Card, CEO. Other divisions of Jones Group include Kurt Geiger and Gloria Vanderbilt.
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The Jones acquisition follows other notable purchases for Sycamore Partners. In early 2013, the company acquired Hot Topic, Inc. for $600 million, and Talbots Inc. for $391 million in August 2012.
