Jones Apparel Group, Inc., whose brand portfolio includes Nine West, Anne Klein and Robert Rodriguez, is acquiring Stuart Weitzman Holdings, LLC, the contemporary footwear brand.

Under the terms of the agreement, Jones will make initial cash payments of approximately $180 million to selling shareholders, including Irving Place Capital, for a 55% stake interest in Stuart Weitzman, LLC. Weitzman will keep a 45% interest and continue as Executive Chairman of the company.

"The Stuart Weitzman business represents an excellent addition to our existing portfolio of branded footwear and accessories and is an ideal complement to our designer and contemporary businesses,” said Wesley Card, Chief Executive Officer.

The company, which reported net sales of about $193 million for the year ended January 2, 2010, opened 20 full-priced stores and five outlet stores domestically in the past five years alone. During the same period, the company opened seven overseas stores, including flagship stores in Rome and Milan, while expanding its international footprint with 19 incremental licensed stores.