Robert Rodriguez Closes Sale
Jones Apparel Group, Inc. today announced that it has acquired Moda Nicola International, LLC ("MNI"), owner of the Robert Rodriguez Collection, a privately held designer, marketer and wholesaler of women's contemporary eveningwear and sportswear. MNI generated net revenues of approximately $17 million for the year ended December 31, 2009.
The transaction is valued at approximately $28 million. Under the terms of the agreement, Jones made initial cash payments to the selling members of MNI, who are entitled to receive future cash payments upon achievement of certain financial targets set within the agreement. The transaction is expected to be accretive to earnings, prior to any required purchase accounting adjustments and closing costs.
Wesley Card, President and Chief Executive Officer, Jones Apparel Group, said: "Robert Rodriguez is a highly talented and experienced designer and we are excited to welcome Robert and his associates into our family of brands. We believe that now is the right time to be making an acquisition as our core brands and organization are strong, and we are well-positioned for a new phase of growth. Robert Rodriguez will increase our presence in the contemporary market."
Mr. Card added: "Recognized for its unique designs, commitment to elegant fashion and attention to quality and fit, the Robert Rodriguez collection has gained attention from fashion insiders, including buyers, trendsetters and celebrities. We see great potential in this brand and look forward to working with Robert and his team."
Robert Rodriguez, founder and artistic director, said, "I am excited to become part of a dynamic organization such as Jones and to work together to develop the brands to their fullest potential."
Nicola Guarna, Chief Executive Officer, Robert Rodriguez, said, "I look forward to joining the Jones team and to combining the Robert Rodriguez fashion talent with the Jones execution and performance."
Founded in 2003 by designer Robert Rodriguez and business partner Nicola Guarna, the Robert Rodriguez collection quickly gained attention from buyers, celebrities and trendsetters alike for being a feminine, sexy, contemporary label for women of all ages. The Robert Rodriguez collection incorporates the principles of haute couture: focusing on fashion, quality and fit. The collection, which includes Robert Rodriguez, Robert Rodriguez Black Label and Robbi and Nikki, is currently sold at luxury retailers in the U.S. and Europe, such as Bergdorf Goodman, Neiman Marcus, Nordstrom, Saks Fifth Avenue, Bloomingdale's, Fred Segal, Intermix, Shopbop, Holt Renfrew, Harrods, and Lane Crawford, as well as at numerous high-end boutiques nationwide.
About Jones Apparel Group, Inc.
Jones Apparel Group, Inc. (www.jonesapparel.com) is a leading designer, marketer and wholesaler of branded apparel, footwear and accessories. The Company also markets directly to consumers through its chain of specialty retail and value-based stores and through its e-commerce web sites.
The Company's nationally recognized brands include Jones New York, Nine West, Anne Klein, Gloria Vanderbilt, Kasper, Bandolino, Easy Spirit, Evan-Picone, l.e.i., Energie, Enzo Angiolini, Joan & David, Mootsies Tootsies, Sam & Libby, Napier, Judith Jack, Albert Nipon and Le Suit. The Company also markets costume jewelry under the Givenchy brand licensed from Givenchy Corporation, women's footwear under the Dockers® and Dockers® Women brands and infants', toddlers' and boys' footwear (excluding girls' footwear) under the Dockers® and Dockers® Premium brands, licensed from Levi Strauss & Co., apparel and accessories under the Rachel Roy brand licensed from Rachel Roy IP Company, LLC, and Jessica Simpson jeanswear licensed from VCJS, LLC.
Each brand is differentiated by its own distinctive styling, pricing strategy, distribution channel and target consumer. The Company contracts for the manufacture of its products through a worldwide network of quality manufacturers. The Company has capitalized on its nationally known brand names by entering into various licenses for several of its trademarks, including Jones New York, Anne Klein New York, Nine West, Gloria Vanderbilt, l.e.i. and Evan-Picone, with select manufacturers of women's and men's products which the Company does not manufacture.
For more than 30 years, the Company has built a reputation for excellence in product quality and value, and in operational execution.
The Sage Group acted as exclusive financial advisor to Robert Rodriguez.