The privately-held Canadian company announced Wednesday that it had acquired all 35 of the label’s locations north of the border, protecting about 400 jobs, with a view to expand its retail footprint to at least 50 stores in the next five years.
Grafton Fraser, the sole licensee for Jones New York menswear since 2013, has also inked a long-term deal with Authentic Brands Group—which purchased the brand from Sycamore in April—to operate e-commerce in Canada.
Dave McGregor, president and CEO of Grafton Fraser Inc., called the purchase “a perfect fit.” Authentic Brands Group chairman and CEO Jamie Salter commented, “Grafton Fraser has the proven leadership, experience and team to reinforce Jones New York’s powerful presence in the Canadian fashion market.”
Jones New York, known for its women’s work wear, drives more than $750 million in retail sales across department stores in key markets including the U.S., Canada, Europe, the Middle East and Latin America, according to a press release. Grafton Fraser’s stable of retail brands already includes Tip Top Tailors, George Richards Big & Tall, Mr. Big & Tall and Kingsport.