ABG acquires Jones New York, strategic advisor named

New York -- Following its January 2015 spinoff from private-equity firm Sycamore Partners, Jones New York has been acquired by Authentic Brands Group, LLC, owner of a global portfolio of fashion, sports, media and entertainment brands.



Sycamore previously announced it would close all Jones New York retail locations and seek strategic alternatives for the beleaguered brand.



Still, Jones New York drives nearly $1 billion in retail sales across department stores in the US as well as internationally. "We see great opportunity … and are implementing a strategy that is fueled by partnerships, innovative design, and distribution,” said Nick Woodhouse, president and CMO of ABG.



As part of the acquisition, ABG named Mark Weber as strategic advisor whose immediate focus will be on the Jones New York brand. Weber most recently served as CEO of LVMH, Inc. (Louis Vuitton Moet Hennessy).



ABG said its initial focus for Jones New York will be the development of its strategic positioning, with an emphasis on women's apparel and accessories. ABG is preparing to announce a new long-term, strategic partner in the US and Canada for key categories that will launch at retail in spring 2016.



Terms of the sale of the Jones New York brand to ABG were not disclosed.