The former Jones Group is decentralizing under the ownership of Sycamore Partners, and Wesley Card, who led the company as chief executive officer for seven years, is stepping down.
This story first appeared in the April 16, 2014 issue of WWD. Subscribe Today.
Sycamore, which closed on a $2.2 billion deal to buy the company this month, already spun off Stuart Weitzman and Kurt Geiger as independent companies. Late Tuesday, the private equity firm said the rest of the business would be split up into four different operating companies.
Kathy Nedorostek will be ceo of Nine West Group, which will include footwear, handbags and jewelry. Jack Gross will lead the still-to-be named jeanswear business as ceo. Aru Kulkarni and George Sharp will continue to lead the Jones New York business. And Gregg Marks will serve as ceo of the Kasper Group.
“This structure will allow each of these businesses to better serve their customers and achieve long-term success,” said Stefan Kaluzny, a managing director of Sycamore. “As independent companies, decision making will be more closely aligned with the needs of the individual brands and our more than 10,000 associates around the world.”
Sycamore said Card would step down as ceo and that John McClain would relinquish the post of chief financial officer. McClain, however, will become a member of Nine West’s board and will assist Sycamore Partners with other aspects of its portfolio.