US brand house Jones Group is set to take a majority stake in designer footwear label Brian Atwood in a move to boost its presence in the luxury market.
The group, which owns premium footwear retailer Kurt Geiger, is to take a majority stake in the entire business with the two planning to form a joint venture, according to reports.
Although the financial terms of the agreement have not been disclosed it has been reported that Atwood will still retain a stake in the business.
Jones Group originally teamed up with Atwood in 2010 to launch a diffusion line but said that with acquiring the majority stake it would allow Jones to have a larger presence in the high end market.
Wes Card, chief executive officer of Jones Group, said: “Brian’s a bright young star, and [acquiring his brand] is part of our growth strategy to nurture up-and-coming designers. We think Brian can build a much bigger lifestyle group of product around the core shoe business.”
Card added: “Brian is an apparel designer by trade, so apparel could easily be [one of the next categories to go into].”