Sycamore was originally looking to buy the apparel side of Jones, while KKR & Co. was interested in acquiring the footwear business. But KKR dropped out and Sycamore shifted its interest to footwear and G-III Apparel Group zeroed in on the apparel business.
WWD reported in November that G-III dropped out, leaving the field to Sycamore.
WSJ.com reported Thursday that the deal would value Jones at $1.2 billion, or $15 a share. The stock rose 4.7 percent to $14.37 on Thursday with 3.6 million shares trading hands — more than three times the daily average.
It’s a big fish for Sycamore to reel in. Jones logged sales of $3.75 billion last year from about 35 brands.
Led by Stefan L. Kaluzny, Sycamore owns The Talbots Inc., Hot Topic Inc. and MGF Sourcing. Should a deal close, the company is expected to turn around and sell or license out parts of the business and perhaps to some familiar names.
G-III is said to still be interested in the Jones New York brand and Sherson Group, a longtime licensee of Jones’ Nine West footwear brand, previously hired investment bank Avalon Net Worth to try to buy the moderate footwear portfolio.
@moncler unveiled its latest project, #MonclerGenius, yesterday at Milan Fashion Week. The Italian outwear maker gave show-goers a preview of the monthly collections – which were created by eight designers and creative talents including Pierpaolo Piccioli, Simone Rocha, Craig Green and more – that will start rolling out in the summer.
In honor of Rihanna’s 30th birthday, we took a look back at an interview with the Barbados-native when she was just 18 years old. Here, she talked about her second album, “A Girl Like Me” in 2006. “I want to be me. I want people to fall in love with who Rihanna is, and that’s why I want the album to be about me so people can really find out who this girl Rihanna is, because they only know the ‘Pon de Replay’ girl.” Fast forward 12 years, and she’s released six more albums and has become a powerhouse in both the fashion and music industries. Happy birthday, @badgalriri 🎈(📷: Pavel Antonov) #wwdarchive