NEW YORK — Jones Apparel Group Inc. said Thursday it would acquire 55 percent of Stuart Weitzman Holdings LLC, the privately held footwear and accessories firm, strengthening Jones’ position in the upscale footwear market.
Under terms of the agreement, Jones will make initial cash payments of about $180 million to selling shareholders, including private equity firm Irving Place Capital. Stuart Weitzman will be the principal owner of the remaining 45 percent. At the end of 2012, the selling shareholders will receive cash payments for their remaining interest, based upon the value of Weitzman’s business at that time.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"