New York City-based Jones Apparel Group Inc. has acquired an additional 15-percent interest in Hong
Kong-based GRI Group Ltd. (GRI) for $15 million, expanding its ownership to 25 percent. The move
follows Jones Apparel Group’s announcement last year that it had obtained a minority stake in GRI,
which is the exclusive licensee of several of Jones’ brands in Asia and Europe.
“We believe that Asia remains a high growth region and the Asian consumer continues to
respond positively to our footwear and accessory brands,” said Wesley R. Card, president and CEO,
Jones Apparel Group. “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.”
“The burgeoning Asian market represents an especially good opportunity for retailers,” said
Jeffrey Fang, CEO, GRI. “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.”
July 15, 2009