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Knitting / Apparel

Jones Apparel Approved To Purchase Kasper

Bristol, Pa.-based Jones Apparel Group Inc. has gained US Bankruptcy Court approval of its agreement to purchase Kasper A.S.L. Ltd., New York City.Jones Apparel Group made the highest offer, beating out St. Louis-based Kellwood Co., which had entered into an agreement to purchase Kasper for a total of $163.6 million (See Knitting/Apparel News, TW, August 2003).Jones Apparel Group will pay a total of $216.6 million for Kasper, including $204 million in cash and the assumption of $12.6 million in prepaid royalties. The purchase, expected to close at the end of this year, is subject to a reorganization plan by Kasper, as well as other customary conditions.This acquisition is a perfect strategic fit for us and is consistent with our branded, multi-product, multi-channel diversification strategy, said Peter Boneparth, CEO, Jones Apparel Group. Kaspers well-known brands including Kasper, Anne Klein, Albert Nipon and Le Suit are wonderful additions to our existing brand portfolio.

October 2003