UPDATE 1-Jones Apparel to buy Stuart Weitzman

* To make initial payment of $180 mln

* Says deal to be accretive to earnings

May 6 (BestGrowthStock) – Jones Apparel Group Inc (JNY.N: ) agreed to
buy footwear company Stuart Weitzman Holdings, for an initial
cash payment of $180 million, to expand its business in the
upscale accessories market.

Jones, whose portfolio includes Nine West, Jones New York
and Anne Klein, said it would use cash on hand or other
alternative financing, for a 55 percent stake in Stuart
Weitzman.

Stuart Weitzman will remain owners of the rest 45 percent.

Jones will buy the remaining interest at the end of 2012.

Goldman Sachs advised Jones on the transaction, while
adviser to Stuart Weitzman, LLC was Financo Inc.

The acquisition, to be accretive to earnings for Jones, is
expected to close within 30 business days.

Jones shares had closed at $20.86 Wednesday on the New York
Stock Exchange.
Stock Market Advice

(Reporting by Nivedita Bhattacharjee in Bangalore; Editing by
Unnikrishnan Nair)

UPDATE 1-Jones Apparel to buy Stuart Weitzman