Stuart Weitzman said private-equity firm Irving Place Capital Management LP is exploring the sale of its 40% stake in the company he founded.
Jones Apparel Group Inc. is on a list of potential buyers presented by Irving Place Capital, Weitzman said in an interview with Bloomberg News. Weitzman, also chief designer, said he plans to keep his holding in the New York-based shoe company, which has annual sales of about $200 million.
Irving Place Capital bought its stake in the shoe maker in June 2005 for an undisclosed price.
“After certain years of investment, they have the right and have decided to possibly pursue selling their interest,” said Weitzman, 68. “I am not looking to sell mine. I am a long way from retirement.” He didnt specify other potential buyers or the size of his stake.
