Jones Apparel Gains More Stake in GRI Group

Jones Apparel Group has increased its ownership interest in licensing partner GRI Group by 15 percent for $15 million.

GRI Group is the exclusive licensee of several of the company's brands in Asia and Europe, including Nine West, Anne Klein New York, AK Anne Klein, Easy Spirit, Enzo Angiolini and Joan & David.

"We distribute our products through international partners in 65 countries worldwide," says Wesley Card, Jones Apparel Group president and chief executive officer. "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."

"The burgeoning Asian market represents an especially good opportunity for retailers," says Jeffrey Fang, GRI Group chief executive officer. "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."