NEW YORK, June 24 /PRNewswire-FirstCall/ -- Jones Apparel Group, Inc. (NYSE: JNY) ("Jones") today announced it has acquired an additional 15% interest in GRI Group Limited ("GRI"), for $15 million, increasing its ownership interest in GRI to 25%. On June 23, 2008, Jones announced a minority investment in GRI, the exclusive licensee of several of Jones' brands in Asia and Europe.

Wesley R. Card, Jones Apparel Group President and Chief Executive Officer, said, "We distribute our products through international partners in 65 countries worldwide. We believe that Asia remains a high growth region and the Asian consumer continues to respond positively to our footwear and accessory brands. At the time of our initial investment in GRI, we noted that rising incomes and economic development were supporting rapid consumption growth in China. While Asia has been impacted by the worldwide recessionary environment, this continues to be the case and underscores our decision to expand our presence in this region and increase our investment in GRI."

Jeffrey Fang, GRI Group Chief Executive Officer, said, "The burgeoning Asian market represents an especially good opportunity for retailers. Over the years, GRI has built itself as the preeminent ready-to-wear and accessories brand management and retail distribution network in Asia. We are pleased to have the support of a respected retailer, such as Jones, and look forward to expanding the reach of all of our partnered brands."

About Jones Apparel Group, Inc.

Jones Apparel Group, Inc. (www.jonesapparel.com) is a leading designer, marketer and wholesaler of branded apparel, footwear and accessories. The Company also markets directly to consumers through its chain of specialty retail and value-based stores. The Company's nationally recognized brands include Jones New York, Nine West, Anne Klein, Gloria Vanderbilt, Kasper, Bandolino, Easy Spirit, Evan-Picone, l.e.i., Energie, Enzo Angiolini, Joan & David, Mootsies Tootsies, Sam & Libby, Napier, Judith Jack, Albert Nipon and Le Suit . The Company also markets costume jewelry under the Givenchy brand licensed from Givenchy Corporation, footwear under the Dockers Women brand licensed from Levi Strauss & Co., and apparel under the Rachel Roy brand licensed from Rachel Roy IP Company, LLC. Each brand is differentiated by its own distinctive styling, pricing strategy, distribution channel and target consumer. The Company contracts for the manufacture of its products through a worldwide network of quality manufacturers. The Company has capitalized on its nationally known brand names by entering into various licenses for several of its trademarks, including Jones New York, Anne Klein New York, Nine West, Gloria Vanderbilt, l.e.i. and Evan-Picone, with select manufacturers of women's and men's products which the Company does not manufacture. For more than 30 years, the Company has built a reputation for excellence in product quality and value, and in operational execution.

About GRI Group Limited

GRI Group (http://www.griretail.com), a privately held leading international brand management and retail-distribution group that operates over 600 points of sales in 12 Asian countries(1), is the exclusive licensee of several of Jones' brands in Asia, including Nine West, Anne Klein New York, AK Anne Klein, Easy Spirit, Enzo Angiolini and Joan & David. In addition to these Jones brands, GRI Group also distributes a series of well known ladies apparel, shoes and accessory brands such as Pringle of Scotland, EQ:IQ, Francesco Biasia, Steve Madden, Lucky Brand Jeans, and others. GRI Group was founded by Jeffrey Fang and Christine Fang with investments from leading global financial institutions, including Goldman Sachs and GIC of Singapore.

    (1) including its franchisees

    Forward Looking Statements

Certain statements contained herein are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements regarding the Company's expected financial position, business and financing plans are forward-looking statements. The words "believes," "expect," "plans," "intends," "anticipates" and similar expressions identify forward-looking statements. Forward-looking statements also include representations of the Company's expectations or beliefs concerning future events that involve risks and uncertainties, including:

• those associated with the effect of national, regional and international economic conditions;
• lowered levels of consumer spending resulting from a general economic downturn or lower levels of consumer confidence;
• the tightening of the credit markets and our ability to obtain credit on satisfactory terms;
• given the uncertain economic environment, the possible unwillingness of committed lenders to meet their obligations to lend to borrowers, in general;
• the performance of the Company's products within the prevailing retail environment;
• customer acceptance of both new designs and newly-introduced product lines;
• the Company's reliance on a few department store groups for large portions of the Company's business;
• consolidation of the Company's retail customers;
• financial difficulties encountered by customers;
• the effects of vigorous competition in the markets in which the Company operates;
• the Company's ability to attract and retain qualified executives and other key personnel;
• the Company's reliance on independent foreign manufacturers;
• changes in the costs of raw materials, labor, advertising and transportation;
• the general inability to obtain higher wholesale prices for the Company's products that the Company has experienced for many years;
• the uncertainties of sourcing associated with an environment in which general quota has expired on apparel products but litigation and political activity seeking to re-impose quotas have been initiated;
• the Company's ability to successfully implement new operational and financial computer systems; and
• the Company's ability to secure and protect trademarks and other intellectual property rights.

A further description of these risks and uncertainties and other important factors that could cause actual results to differ materially from the Company's expectations can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2008, including, but not limited to, the Statement Regarding Forward-Looking Disclosure and Item 1A-Risk Factors therein, and in the Company's other filings with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such expectations may prove to be incorrect. The Company does not undertake to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

SOURCE Jones Apparel Group, Inc.

CONTACT: Investors: John T. McClain, CFO, Jones Apparel Group, +1-212-642-3860, or Media: Joele Frank and Sharon Stern, both of Joele Frank, Wilkinson Brimmer Katcher, +1-212-355-4449