Irving Place Completes Stuart Weitzman Sale

Irving Place Capital Partners has completed its previously-announced sale of a 55% stake in women’s footwear maker Stuart Weitzman Holdings LLC to Jones Apparel Group Inc. (NYSE: JNY) for around $180 million in cash. Stuart Weitzman has retained the other 45% ownership position.

PRESS RELEASE
Jones Apparel Group, Inc. (“Jones”) (NYSE: JNY) today announced it has completed its acquisition of 55% of the equity interests of Stuart Weitzman Holdings, LLC, a privately-held leading designer and manufacturer of women’s salon footwear and accessories.

As previously announced on May 6, 2010, Jones entered into an agreement to acquire Stuart Weitzman Holdings, LLC in two stages. At the initial closing, completed today, Jones made cash payments of approximately $180 million to the selling shareholders, including Irving Place Capital, for a 55% interest in Stuart Weitzman Holdings, LLC. Stuart Weitzman will remain the principal owner of the remaining 45% interest, and will continue as Executive Chairman of Stuart Weitzman Holdings, LLC. The selling shareholders will receive cash payments for their remaining interest at a final closing expected to take place at the end of 2012, based upon the value of Stuart Weitzman Holdings, LLC at that time in accordance with a contractually pre-determined formula.

About Stuart Weitzman Holdings, LLC

For over 30 years, Stuart Weitzman has been designing shoes for the modern, sophisticated woman. Today, Stuart Weitzman Holdings, LLC is a leading designer, manufacturer, wholesaler and retailer of premium women’s shoes and handbags in approximately 60 countries. Made famous by his trademark use of unique materials and keen attention to detail, Stuart Weitzman currently owns and operates 38 retail stores in the U.S., 7 stores internationally and provides exclusive licenses to 29 retailers to operate the Stuart Weitzman stores outside of the United States.

About Jones Apparel Group, Inc.

Jones Apparel Group, Inc. (“the Company”) (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, Robert Rodriguez, 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.

About Irving Place Capital

Irving Place Capital invests private equity capital in compelling buyouts, recapitalizations and growth capital opportunities alongside superior management teams. Irving Place Capital focuses on making control or entrepreneur-driven investments. Since its formation in 1997, Irving Place Capital has been an investor in 68 portfolio companies, and manages over $4 billion of equity capital, including its current $2.7 billion institutional fund. More information about Irving Place Capital is available at www.irvingplacecapital.com.