1
 
                                                                    EXHIBIT 99.1
 
FOR IMMEDIATE RELEASE
JONES APPAREL GROUP, INC.
 

                                                            
Contacts: Wesley R. Card, Chief Financial Officer              Gene Donati, Clark & Weinstock
           Anita Britt, Director of Investor Relations         for Vestar Capital Partners
             and Financial Planning                            (212) 953-2550
           (215) 785-4000

 
                JONES APPAREL GROUP ANNOUNCES ACQUISITION OF SUN APPAREL
 
NEW YORK, NEW YORK -- Jones Apparel Group, Inc. ("Jones") (NYSE:JNY) announced
today that it has entered into a definitive agreement to purchase 100% of the
equity of Sun Apparel, Inc. ("Sun"), a privately held company owned by Eric
Rothfeld and Vestar Capital Partners, a New York based private equity investment
firm. Sun is a leading designer, manufacturer and distributor of jeanswear,
sportswear and related apparel for men, women and children. Sun markets its
products under the Polo Jeans Company brand, licensed from Polo Ralph Lauren
(NYSE:RL), as well as other company owned, licensed and private label brands.
 
Jones is purchasing the equity of Sun for approximately $212 million, consisting
of approximately $125 million in cash and approximately 4.8 million shares of
Jones common stock, subject to final adjustments at closing, plus the potential
for additional future payments based on Sun's operating performance. Jones also
is assuming or refinancing approximately $232 million of Sun debt. The
transaction is expected to close in early October, 1998.
 
Sun Apparel has shown rapid growth and generated net sales of $406 million for
the twelve months ended June 30, 1998. Polo Jeans Company, which was launched in
Fall 1996, represented 58% of net sales for that period.
 
Sidney Kimmel, Chairman of Jones Apparel Group, stated, "We are extremely
excited by the opportunity that this acquisition provides our Company. We have
great respect for the businesses which Sun has developed and look forward to
capitalizing on the strengths and talents of our combined companies to maximize
future growth and profitability."
 
Mr. Kimmel commented further, "Sun fits all the criteria we have established for
acquisitions. Sun markets its products under Polo Jeans Company and other brand
names, has an excellent track record of growth and profitability and a seasoned
management team led by Eric Rothfeld, who will become a member of the Jones
Apparel Group Board of Directors upon consummation of the transaction, and by
Mindy Grossman, Executive Vice President of Sun and President and CEO of the
Polo Jeans Division. Jones intends to use its tremendous operating and sourcing
strengths to enhance Sun's growth. Furthermore, the acquisition will enable
Jones to accelerate the growth of its existing labels by marketing new denim
products through Sun's assistance in manufacturing Jones Jeans and other Jones
denim products."
 
Eric Rothfeld, Chairman and CEO of Sun, added "We welcome the opportunity for
our company to join the Jones Apparel Group. We are confident that the
marketing, operating and financial strengths of Jones will help us in continuing
the rapid growth of our existing business. We look forward to assisting Jones in
those areas where we have proven expertise and to leveraging the resources and
operating synergies of our combined companies to enhance profitability."
 
Jones Apparel Group, Inc. is a leading designer and marketer of better priced
women's sportswear, suits and dresses. The Company markets its products under
several nationally known brands, including Jones New York, Evan-Picone, Rena
Rowan, Saville, and the Lauren by Ralph Lauren and Ralph by Ralph Lauren brands
licensed from Polo Ralph Lauren.
 
Vestar Capital Partners, headquartered in New York with an office in Denver,
Colorado, manages over $1 billion in private equity capital and focuses on
management buyouts and re-capitalizations.