Jones Apparel Group will buy a 55% stake in Stuart Weitzman Holdings for $180 million and will buy the remaining stake in the company at the end of 2012. Stuart Weitzman is a manufacturer, wholesaler and retailer of high-end women's shoes and handbags that sells in approximately 60 countries.
Stuart Weitzman’s 2009 sales totaled $193 million. The retailer and manufacturer sells online at StuartWeitzman.com, in specialty and department stores and via its own chain of retail stores.
Jones is buying the 55% stake from a group of investors including private equity firm Irving Place Capital. Stuart Weitzman will stay on as executive chairman of Stuart Weitzman LLC and Wayne Kulkin will remain president.
Jones, No, 219 in the Internet Retailer Top 500 Guide, posted 2009 web sales of $51.5 million. It also operates a chain of retail and discount stores. Its brands include Jones New York, Nine West, Anne Klein and Gloria Vanderbilt.
Jones was advised in the deal by Goldman, Sachs & Co. Stuart Weitzman was advised by Financo Inc.