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prada shoes kids holding companies such as Liz Claiborne NYSE: LIZ and Phillips Van Heusen NYSE: PVH. In addition, many of JNY brands face competition from other department store mainstays such as Polo Ralph Lauren NYSE: RL and department store owned private labels.We currently have a $22 Trefis price estimate for Jones Apparel Group stock, about 45% above the market price. We estimate that Jones Apparel footwear accessories wholesale business is the largest value driver for the company, contributing 30%.Over the last 5 years, the footwear accessories wholesale business has witnessed large variation in margins. Below we discuss the trends and prospects for EBITDA margin of the division and the likely impact on Jones Apparel Group stock price.Footwear Accessories Wholesale Segment Footwear and accessories wholesale business includes the sale of branded and private label footwear, handbags, jewelry, and other products to department stores as well as other third party retailers. The segment has witnessed a significant decline in its EBITDA margin over the past few years.Created using the Trefis App on Seeking AlphaFootwear accessories wholesale EBITDA margin declined during 2005 08 primarily due to lower net sales in the higher margin wholesale jewelry business, higher net sales in the lower margin international business, increased sales to off price retailers, and greater production costs in China and other Pacific Rim countries.In 2009, however, EBITDA margin improved as discounting moderated and the company improved its inventory management. Jones Apparel also reported reduced sales in the low margin international business and fewer buying agency commissions.We forecast EBITDA margin improvement through 2012, driven by continued reduction in discounting, as well as the addition of higher margin Stuart Weitzman products.Pressures on EBITDA Margin in the Future Although we forecast an increase in footwear accessories wholesale EBITDA margin for the next couple of years, there are factors that could negatively impact margins going forward:Increasing commodity pricing sourcing costs: With the improving economic environment, commodity prices are on the rise. Further, the rising