Sycamore Partners to Split Jones Group Into Four Companies
Posted on April 18, 2014Sycamore Partners has announced (PDF) plans to split The Jones Group up into four independent companies. Three of the four companies will include the Nine West Group, Jones New York and the Kasper Group. There will also be a jeans company that will be given a name at a future date. Each company will operate as an independent company and have its own management team. Sycamore also recently announced that Stuart Weitzman and Kurt Geiger will both become independent companies.
Stefan Kaluzny, a Managing Director of Sycamore Partners, said in a statement, "We believe that this structure will allow each of these businesses to better serve their customers and achieve long-term success. As independent companies, decision-making will be more closely aligned with the needs of the individual brands and our more than 10,000 associates around the world. We are excited to partner with the leadership of each of these companies to invest in their growth and help them achieve their full potential."
Kathy Nedorostek will be ceo of the Nine West Group, which will sell footwear, handbags and jewelry. The jeanswear company will be headed by Jack Gross. Gregg Marks will be ceo of the Kasper Group. Aru Kulkarni and George Sharp will remain as the top executives at Jones New York.