Grafton Fraser to expand Jones New York in Canada
Canadian men’s wear retailer Grafton Fraser Inc has acquired all 35 Jones New York retail stores across Canada, and says it plans "significant growth" in the near future.
The move, announced last week, protects around 400 jobs and also involves a long-term strategic partnership agreement with Authentic Brands Group (ABG) to operate Jones New York e-commerce in Canada.
ABG in April purchased Jones New York from a unit of private equity firm Sycamore Partners, and maintains control of the Jones New York Portfolio worldwide. Other brands in its portfolio include Juicy Couture, Frederick's of Hollywood, Adrienne Vittadini and Michael Jackson.
"We look forward to working with Grafton Fraser as we continue to grow the Jones New York retail footprint in North America," says Jamie Salter, chairman and CEO, Authentic Brands Group.
The American brand currently drives nearly CAD1bn (US$750m) in retail sales across department stores in key markets including the US, Canada, Europe, the Middle East and Latin America.
Privately-held Grafton Fraser, meanwhile, operates Tip Top Tailors, George Richards Big &Tall, Mr Big & Tall and Kingsport, and employs over 1000 people.
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