Sycamore Partners announced that it has reorganized the remaining businesses of The Jones Group into four independent operating companies: the Nine West Group, a Jeanswear company (which will be named later), Jones New York, and the Kasper Group. Each will operate as an independent company led by its own management team. Sycamore Partners previously announced that Stuart Weitzman and Kurt Geiger would each become independent companies.
"We believe that this structure will allow each of these businesses to better serve their customers and achieve long-term success," said Stefan Kaluzny, a Managing Director of Sycamore Partners.
"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 Chief Executive Officer of the Nine West Group, which will include footwear, handbags and jewelry. Jack Gross, who has led the Jeanswear business for the last 20 years, will be Chief Executive Officer of the Jeanswear company. Aru Kulkarni and George Sharp will continue to lead Jones New York. And Gregg Marks will be Chief Executive Officer of the Kasper Group, which he has led for the last 30 years.
The Nine West Group and the Jeanswear company will continue to issue financial reports on a consolidated basis as Nine West Holdings (per their financial reporting requirements under their previously disclosed indentures). Nine West Holdings, as the successor to The Jones Group, will continue to provide the shared service functions historically provided by The Jones Group.
With the establishment of Nine West Holdings and this decentralized structure, Wesley R. Card will step down as Chief Executive Officer and John T. McClain will step down as Chief Financial Officer of The Jones Group. Mr. McClain will become a member of the Board of Directors of Nine West Holdings and assist Sycamore Partners with other aspects of its portfolio.
Mr. Kaluzny added: "We are very grateful to the executive leadership of The Jones Group for their many contributions, especially Wes Card, who has dedicated almost 25 years to guiding the company to tremendous growth and success. We look forward to benefitting from John's experience and insights as we continue to grow Sycamore Partners' portfolio of retail and consumer companies."
About Sycamore Partners
Sycamore Partners is a private equity firm based in New York. Sycamore raised its first fund in 2011 with more than $1 billion in commitments from leading foundations, endowments, family offices, pension and sovereign wealth investors.