Jones Apparel Group Inc. agreed to buy 55% of Stuart Weitzman Holdings LLC, a high-end women’s footwear and accessories maker, for about $180 million.
Holders, including private-equity firm Irving Place Capital, will get the upfront cash. Stuart Weitzman, the designer, will be the principal owner of the remaining stake, which Jones will acquire at the end of 2012. The amount of the payment will be contingent on Stuart Weitzman Holdings value at that time.
Weitzman will continue as the company’s executive chairman.
