Grafton Fraser acquires Jones New York stores in Canada
Courtesy: Jones New York Fashion
Grafton Fraser Inc. (GFI), leading Canadian retailer of men's attire, has acquired all 35 Jones New York retail stores across Canada sustaining the employment of approximately 400 staff and plans significant growth in the number of stores in the near future, it said in a press statement.
The acquisition saved Jones New York from shutting down after it announced in January that all 127 of its retail stores in North America would be closed, including all the Canadian stores.
In order to operate Jones New York e-commerce in Canada, they have also signed a long-term strategic partnership agreement with Authentic Brands Group, LLC (ABG), which bought Jones New York in April 2015 from a portfolio company of the private equity firm Sycamore Partners. ABG is the owner of a global portfolio of fashion, sports and lifestyle, celebrity and entertainment brands.
In partnership with ABG, Grafton Fraser has secured Jones New York's place in the Canadian fashion market to continue to provide consumers with a marquee women's brand renowned for its excellence in design, quality and fit, the statement said.
"We are very excited to add Jones New York women's clothing stores to our growing fashion retail portfolio", said Dave McGregor, president and CEO, Grafton Fraser Inc. "For more than two decades Jones New York has been a trusted fashion brand in Canada that women have looked to for its timeless elegance, great quality and style. We bring 100+ years of experience to Canadian fashion retail, and see Jones New York as a perfect fit for Grafton."
"Grafton Fraser has the proven leadership, experience and team to reinforce Jones New York's powerful presence in the Canadian fashion market," said Jamie Salter, chairman and CEO, Authentic Brands Group.
"We look forward to working with Grafton Fraser as we continue to grow the Jones New York retail footprint in North America."
Jones New York has an active and loyal consumer following worldwide. Currently the brand drives nearly $1 billion Canadian ($750 million) in retail sales across department stores in key markets including the US, Canada, Europe, the Middle East and Latin America. (SH)
Fibre2Fashion News Desk – India