Apparel maker Jones Group Inc. confirmed that they are in discussions with Israeli vendor Delta Galil Industries Ltd., regarding the potential sale of its jeanswear division.
The potential sale of Jones’ jeanswear division is estimated to be between $350 and $400 million, subject to change depending upon the level of net working capital and additional adjustments.
Delta Galil also issued a press release confirming discussions with Jones, and stated that it is in talks to acquire Gloria Vanderbilt Jeans and other brands, along with working capital, fixed assets, and licenses, from Jones.
The Jones Group, a wholesales of over 35 brands, expects the discussions with Delta Galil to be concluded or terminated within a month, until then the company will not make any additional comments.
The company’s recognised brands and licensing agreements include: Nine West, Jones New York, Kurt Geiger, Rachel Roy, Stuart Weitzman, B Brian Atwood, Carvela, and Jessica Simpson.