Authentic Brands adds Jones New York to portfolio, deal terms not disclosed

Associated Press

Authentic Brands Group says it will add Jones New York to its portfolio of women's fashion brands.

Jones New York has been closing stores and shrinking its business. Deal terms were not disclosed Thursday.

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Authentic Brands Group LLC also says it named Mark Weber a strategic advisor who will focus initially on the Jones New York Brand. Weber previously served as CEO of Louis Vuitton parent company LVMH Inc.

Jones New Nork is owned by the private equity firm Sycamore Partners, which announced in January that it would close the brand's stores and related business operations over the course of 2015.

Authentic Brands says Jones New York brings in nearly $1 billion in retail sales across department stores, and said the combination will push its portfolio to more than $4.5 billion in sales.