BUSINESS

Authentic Brands adds Jones New York to portfolio, deal terms not disclosed

04/23/2015 07:47 EDT | Updated 07/19/2015 01:59 EDT
NEW YORK, N.Y. - Authentic Brands Group says it will add Jones New York to its portfolio of women's fashion brands.

Jones New Nork is owned by the private equity firm Sycamore Partners, which announced in January that it would close all the brand's U.S. and Canadian stand-alone stores and related business operations over the course of 2015.

Of the 127 Jones New York Outlet stores operating when Sycamore made the announcement, 36 were in Canada.

ABG said Thursday that it's preparing to announce a new long-term stratigic partner in the U.S. and Canada for a launch to retailers in the spring of 2016.

Authentic Brands says Jones New York brings in nearly $1 billion in retail sales across department stores, and said the combination will push its portfolio to more than $4.5 billion in sales.

Terms of the deal with Sycamore weren't announced.

Authentic Brands Group LLC says a former executive from the Louis Vuitton group will be a strategic advisor who will focus initially on the Jones New York Brand. Mark Weber previously served as CEO of Louis Vuitton parent company LVMH Inc.

— With a file from The Associated Press