Jones Apparel Group, Inc. acquired an additional 15% interest in GRI Group Limited, for $15 million, increasing its ownership interest in GRI to 25%. In June 2008, Jones announced a minority investment in GRI, the exclusive licensee of several of Jones' brands in Asia and Europe.
Wesley R. Card, Jones Apparel Group president and CEO, said, “We distribute our products through international partners in 65 countries worldwide. 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.”
Jeffrey Fang, GRI Group CEO, said, “The burgeoning Asian market represents an especially good opportunity for retailers. 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.”
