Grafton Fraser Inc. has acquired all 35 Jones New York stores across Canada for an undisclosed amount.
The Canadian men’s retailer has plans to grow the Jones New York store count. In addition to acquiring the existing store base, Grafton has also signed long-term agreement with Authentic Brands Group, the owner the JNY brand, to operate the Jones New York e-commerce business in Canada.
Dave McGregor, president and chief executive officer of Grafton, said, “For more than two decades Jones New York has been a trusted fashion brand in Canada that women have looked to for its timeless elegance, great quality and style. We bring 100-plus years of experience to Canadian fashion retail, and see Jones New York as a perfect fit for Grafton.”
Jamie Salter, a Canadian entrepreneur and chairman and ceo of ABG, said, “Grafton Fraser has the proven leadership, experience and team to reinforce Jones New York’s powerful presence in the Canadian fashion market.”
The purchase of the 35 stores across Canada ensures continued employer of about 400 staff and store associates. The brand was purchased by ABG in April from private equity firm Sycamore Partners. JNY does nearly $1 billion in annual retail volume worldwide. The brand has a presence in the U.S., Canada, Europe, the Middle East and Latin America.
Sycamore acquired the brand when it bought Jones Apparel Group for $2.2 billion in 2014. The stores were part of the former business that Sycamore acquired. Sycamore elected to shutter the JNY operation earlier this year before it was put up for sale. The brand once had a small position in men’s tailored clothing, sportswear and accessories, and a men’s component is part of ABG’s global growth plans for the brand. The revamped JNY brand under ABG’s ownership is slated to be in all retail doors in spring 2016.
Trademarks for Jones New York under ABG’s ownership include Jones New York Collection; Jones New York Signature; Jones New York Sport; Jones New York Studio; Jones JNY; Jones & Co., and Jones Studio.
Grafton has been in fashion retail business in Canada since 1853. A privately held company based in Toronto, it operates Tip Top Tailors; George Richards Big & Tall; Mr. Big & Tall, and Kingsport.
ABG is a brand management firm based in New York that counts Leonard Green & Partners as an investor. ABG’s portfolio of consumer, celebrity and media brands include Juicy Couture; Judith Leiber; Hickey Freeman; Frederick’s of Hollywood; Spyder; Marilyn Monroe; Elvis Presley and Muhammad Ali.