Both firms were said to be interested in buying the business in the summer, but KKR reportedly stepped away from negotiations in September.
Golden Gate Capital and Sun Capital Partners were previously said to be considering offers for the business.
Sycamore’s deal values the luxury show and apparel business at $15 per share.
KKR was previously said to be interested in Jones’s fast growing footwear brands including Kurt Geiger and Brian Atwood, while Sycamore was looking to buy aging women’s apparel brands such as Anne Klein and Gloria Vanderbilt.
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