Nine West Holdings Explained

Nine West Holdings
Type:Private
Industry:Fashion
Founder:Sidney Kimmel
Location City:New York City
Location Country:United States
Num Employees:6,000

Nine West Holdings (formerly The Jones Group and Jones Apparel Group) is an American designer, marketer and wholesaler of branded clothing, shoes and accessories. In 2019, the company restructured under the new name Premier Brands Group Holdings Llc.[1]

History

In December 2013, Sycamore Partners, which is managed by Stefan L. Kaluzny, purchased the Jones Group for about US$2.2 billion.[2] [3] Wesley Card is the CEO of The Jones Group.[3] In 2014, Sycamore split Jones into six different companies: Nine West Group, One Jeanswear Group, Jones New York, the Kasper Group, Stuart Weitzman and Kurt Geiger. The Jones Group was renamed Nine West Holdings and became parent to Nine West Group and One Jeanswear Group.[4] Later in 2014, Anne Klein, Easy Spirit and NW Jewelry Group were split into separate operating companies of Nine West.[5]

In 2014, Brian Atwood was sold to Steve Madden.[6] In 2015, Stuart Weitzman was sold to Coach and Jones New York was sold to Authentic Brands Group.[7] [8]

In December 2016, Easy Spirit was sold to Marc Fisher Footwear.[9] The Kasper Group was then purchased and incorporated under the parent company Nine West Holdings in January 2017.[10] In January 2017, the company appointed Joel Oblonsky as the CEO of the company.[11]

Bankruptcy

Nine West Holdings filed for chapter 11 bankruptcy in April 2018.[12] In July 2018, the namesake Nine West brand, as well as the Bandolino shoe brand, were sold to Authentic Brands Group.[13] Bondholders have accused Sycamore Partners, the private equity firm that purchased Nine West Holdings in 2014, of carving out valuable company assets to sell to itself, thus ensuring a profit for the fund even as the company itself headed toward bankruptcy, and argue that the company could be hurt if Sycamore-owned department store chain Belk threatens to refuse to buy from the company if the bankruptcy settlement isn't approved.[14]

The company emerged from bankruptcy in March 2019 and renamed itself Premier Brands Group.[15] Divisions include One Jeanswear Group, The Jewelry Group, Kasper Group and Anne Klein.

Brands

Nine West Holdings' brands include:

External links

Notes and References

  1. News: 2019-03-20. Fashion company Nine West emerges from bankruptcy as 'Premier Brands'. en. Reuters. 2021-04-27.
  2. Web site: Sycamore to Buy The Jones Group in $2.2B Deal . WWD . 19 December 2013 . 20 December 2013 . Clark, Evan.
  3. Web site: Sycamore Completes Acquisition of The Jones Group . WWD . 9 April 2014 . 9 April 2014.
  4. http://www.prnewswire.com/news-releases/sycamore-partners-establishes-four-additional-independent-companies-in-organizational-realignment-of-the-jones-group-255408201.html Sycamore Partners Establishes Four Additional Independent Companies in Organizational Realignment of The Jones Group
  5. https://www.bloomberg.com/news/articles/2014-09-05/sycamore-s-nine-west-footwear-group-to-split-into-four-companies Sycamore’s Nine West Footwear Group to Split Into Four Companies
  6. http://fashionista.com/2014/03/steve-madden-brian-atwood Steve Madden Acquires Brian Atwood
  7. https://dealbook.nytimes.com/2015/01/06/coach-to-buy-luxury-shoemaker-stuart-weitzman-for-up-to-574-million/ Coach Expands Luxury Fashion Brand Buying Shoemaker Stuart Weitzman
  8. https://www.internetretailer.com/2015/04/23/jones-new-york-finds-new-home Jones New York finds a new home
  9. Web site: Marc Fisher Footwear Snaps up the Easy Spirit Brand. 3 January 2017.
  10. Nine West Holdings to Acquire the Kasper Group. Inc.. Nine West Holdings. www.prnewswire.com. en. 2017-01-27.
  11. News: Industry Moves: January 2017. Butler-Young. Sheena. 2017-01-31. Footwear News. 2018-01-30. en-US.
  12. News: Nine West Holdings Files for Chapter 11 Bankruptcy. Ducharme. James. 2018-04-06. Fortune. 2019-02-10. en-US.
  13. News: Authentic Brands beats DSW in auction for Nine West: sources. DiNapoli. Jessica. 2018-06-11. Reuters. 2019-02-10. en-US.
  14. Web site: Nine West bondholders object to Sycamore settlement. Howland. Daphne. Retail Dive. en. 2019-01-17. 2019-02-10.
  15. Web site: Nine West Holdings rebrands in Ch. 11 exit. Howland. Daphne. Retail Dive. en. 2019-03-21. 2019-06-03.
  16. News: OUR BRANDS. The Kasper Group. en-US. 2017-01-27.

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