Authentic Brands Group has acquired the American fashion label Jones New York and appointed former PVH and LVMH executive Mark Weber to lead the brand's reboot.

Financial terms of the sale were not disclosed.

The Jones New York brand currently drives close to $1 billion in retail sales at department stores in the U.S. as well as key international markets including Canada, Europe, the Middle East and Latin America.

“We are honored to welcome Jones New York to ABG’s distinguished women’s portfolio,” says Jamie Salter, chairman and chief executive officer, ABG. “With a 40-year history of iconic and timeless design, Jones New York embodies American style. Our vision fuses ABG’s passion for brand building with a 21st century approach that will redefine this enduring classic.”

In January, the brand's previous owner, the private equity firm Sycamore Partners, announced plans to close all Jones New York retail locations and other related business operations as part of a new strategy for the brand.

ABG’s initial focus for Jones New York will be on rebuilding the brand with the development of new strategic positioning and the enhancement of its core values. 

“Jones New York has a long-standing position as an iconic American brand through best-in-class licensing and retail partners,” says Nick Woodhouse, president and chief marketing officer, ABG. “We see great opportunity for this powerhouse brand and are implementing a strategy that is fueled by partnerships, innovative design, and distribution. Jones has a deep-rooted American heritage that we are excited to leverage on a global scale.”

At the outset, there will be a strong emphasis on women’s apparel and accessories, as well as men’s tailored clothing, sportswear and accessories. ABG is already finalizing a deal with a new long-term licensing partner in the U.S. and Canada, which will be announced at a later date. New product is anticipated to launch in spring 2016.

As part of the acquisition, ABG has appointed Mark Weber as a strategic advisor whose immediate focus will be on the Jones New York brand. Weber previously served as president and chief executive officer of PVH Corp., and most recently was chief executive officer of Louis Vuitton Moet Hennessy.