New York–Jones Apparel Group Inc has completed the first stage of its acquisition of women’s footwear and accessories maker Stuart Weitzman Holdings. The agreement, details of which were announced last month, will see the apparel firm buy 55% of the equity interests of Stuart Weitzman for $180 million.
Stuart Weitzman will remain the principal owner of the remaining 45% interest, and will continue as executive chairman. Cash payments will then be made to the selling shareholders for their remaining interest at a final closing expected to take place at the end of 2012.
Stuart Weitzman currently owns and operates 38 retail stores in the US, 7 stores internationally and provides exclusive licenses to 29 retailers to operate the Stuart Weitzman stores outside of the US. The brand expands Jones Apparel Group’s line-up, which includes Jones New York, Nine West, Anne Klein and Gloria Vanderbilt.