Stuart Weitzman might be ready to stand under the Jones Apparel Group Inc. umbrella, but he still plans to run his own business.
Talks between Jones, Stuart Weitzman and Irving Place Capital, which snapped up a stake in the shoe business in 2005, are proceeding and could wrap up within a couple of weeks, according to a person familiar with the negotiations.
Under the deal being contemplated, Jones would acquire a majority interest in the business. “It would be managed as a separate company [led by Weitzman],” said the source. Weitzman would also be able to use Jones’ resources to develop the business.
For more on Jones’ deal with Stuart Weitzman, click here.