The Jones Group Inc. (ticker: JNY, exchange: New York Stock Exchange (.N))
News Release -
Jones Apparel Group, Inc. Acquires Judith Jack
NEW YORK, April 26 /PRNewswire/ -- Jones Apparel Group, Inc. (NYSE: JNY)
today announced that it has acquired Judith Jack, a manufacturer and
distributor of women's jewelry, including marcasite and sterling silver
products. Judith Jack distributes products principally under the Judith Jack
brand name to better department stores and specialty retailers, including
Neiman Marcus and Saks Fifth Avenue.
Sidney Kimmel, Chairman, commented, "The acquisition of Judith Jack adds
one of the premier designer brand names in the jewelry industry to our
existing brand portfolio. We are extremely pleased with the results to date
of our Victoria + CO business, which we acquired in July 2000. Robert
Andreoli, the Chairman of Victoria, and his team have built a superior
operation and have established themselves as a leader in the industry."
Patricia Stensrud, Vice Chairman and Chief Executive Officer, Victoria +
CO, added, "The design and craftsmanship which characterize Judith Jack
products have created a unique market position for this designer brand,
enabling expansion of its signature sterling and marcasite designs well beyond
jewelry into other fashion accessory categories such as watches, belts and
handbags. As a leading luxury resource in the bridge market, Judith Jack will
expand the reach of Victoria + CO into new market segments for incremental
Wesley Card, Chief Financial Officer, stated, "Judith Jack will operate as
a division of Victoria + CO, our existing jewelry company. Judith Jack had
net sales of $22 million for the twelve months ended December 31, 2000. This
acquisition is part of our strategy to build critical mass within this core
competency, using the outstanding management team and operating base of
Victoria + CO."
Jones Apparel Group, Inc. (www.jny.com) is a leading designer and marketer
of branded apparel, footwear and accessories. The Company's nationally
recognized brands include: Jones New York; Lauren by Ralph Lauren, Ralph by
Ralph Lauren, and Polo Jeans Company, which are licensed from Polo Ralph
Lauren Corporation; Evan-Picone, Rena Rowan, Todd Oldham, Nine West, Easy
Spirit, Enzo Angiolini, Bandolino and Napier. The Company also markets
costume jewelry under the Tommy Hilfiger brand licensed from Tommy Hilfiger
Corporation, and the Givenchy brand licensed from Givenchy Corporation.
Celebrating more than 30 years of service, the Company has built a reputation
for excellence in product quality and value, and in operational execution.
Certain statements herein are "forward-looking statements" made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements represent the Company's expectations
or beliefs concerning future events that involve risks and uncertainties,
including the strength of the economy and the overall level of consumer
spending, the performance of the Company's products within the prevailing
retail environment, and other factors which are set forth in the Company's
2000 Form 10-K and in all filings with the SEC made by the Company subsequent
to the filing of the Form 10-K. The Company does not undertake to publicly
update or revise its forward-looking statements as a result of new
information, future events or otherwise.
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SOURCE Jones Apparel Group, Inc.
Web site: http: //www.jny.com
CONTACT: Wes Card, Chief Financial Officer, or Anita Britt, Senior Vice President, Finance and Investor Relations, 215-785-4000, both of Jones Apparel Group