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Jan. 23, 2006 / 9:48 AM

Jones Apparel sells Polo brand for $355M

NEW YORK, Jan. 23 (UPI) -- Polo Ralph Lauren Corp. is paying $355 million in cash to New York's Jones Apparel Group Inc. to buy back its Polo Jeans business.

The deal settles outstanding litigation between the buyer and seller, Jones said Monday.

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"We are very pleased to resolve these outstanding matters," said Peter Boneparth, chief executive of Jones.

"The Polo Jeans license imposed certain operating restrictions on Jones Apparel, including, the sale of certain competing product. Additionally, we recognize it also created uncertainty due to Polo Ralph Lauren Corp.'s contractual right to acquire the license in 2010 at 80 percent of fair market value."

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