Sycamore splits Jones Group into four businesses; CEO Card to step down

New York -- Sycamore Partners announced that it has reorganized the remaining businesses of The Jones Group into four independent operating companies: the Nine West Group, a jeanswear company (which will be named later), Jones New York, and the Kasper Group. Each will operate as an independent company led by its own management team. In line with the new decentralized structure, Wesley R. Card will step down as CEO and John T. McClain will step down as CFO of The Jones Group

"We believe that this structure will allow each of these businesses to better serve their customers and achieve long-term success," said Stefan Kaluzny, a managing director of Sycamore Partners. "As independent companies, decision-making will be more closely aligned with the needs of the individual brands and our more than 10,000 associates around the world."
Kathy Nedorostek will be CEO of the Nine West Group, which will include footwear, handbags and jewelry.

Jack Gross, who has led the jeanswear business for the last 20 years, will be CEO of the jeanswear company.

Aru Kulkarni and George Sharp will continue to lead Jones New York and Gregg Marks will be CEO.

Sycamore Partners has previously announced that Stuart Weitzman and Kurt Geiger would each become independent companies.

Login or Register to post a comment.