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Jones Apparel expands presence in emerging Asian markets

23
Jun '08
Jones Apparel Group Inc announced it has acquired a minority interest in GRI Group Limited (GRI), a leading international accessories and apparel brand management and retail-distribution network.

Jones distributes its products through international partners in over 60 countries with over 1,000 retail locations. GRI is the exclusive licensee of several of Jones' brands in Asia, including Nine West, Anne Klein New York, AK Anne Klein, Easy Spirit, Enzo Angiolini and Joan and David. A Jones representative has joined the Board of GRI. Additional terms of the transaction were not disclosed.

Wesley R. Card, Jones Apparel Group President and Chief Executive Officer, said, "GRI Group has been instrumental in establishing our brands abroad and we look forward to building on our successful business relationship and enhancing our international strategy through this investment. Industry reports show that rising income and favorable economic policies are supporting robust consumption growth in China.

The Asian consumer has responded positively to our footwear and accessories brands, and we are eager to grow our apparel brands in the region in a more meaningful way. We see opportunities to significantly increase our retail footprint in emerging markets over the next several years."

Jeffrey Fang, GRI Group Chief Executive Officer, said, "Jones has been an excellent business partner over the last fifteen years and we are excited to expand our relationship as we embark on the next phase in our history.

We believe there continues to be an opportunity for growth and brand penetration throughout Asia. We are confident that by leveraging our retail and brand management expertise, we will expand the reach of our partner brands throughout Asia."

Jones Apparel Group Inc


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