-- Expect Spring 2016 Launch of Women's Apparel and Handbags --
-- Joint Venture to Hold Brand Rights to All Karl Lagerfeld Apparel
and Accessory Categories for North America --
NEW YORK & PARIS--(BUSINESS WIRE)--
G-III Apparel Group, Ltd. (NasdaqGS:GIII) and Karl Lagerfeld Group BV,
the parent company of the Karl Lagerfeld global brand, today announced
that they have entered into a joint venture agreement for the
development of the iconic designer's namesake brand in the North
American market.
Under the terms of the agreement, Karl Lagerfeld Group BV has assigned
the Karl Lagerfeld marks for all consumer products (except eyewear,
fragrance, cosmetics, watches, jewelry, and hospitality services, all of
which remain exclusively with Karl Lagerfeld Group BV) and apparel in
the United States and Canada. In addition, the joint venture will be
granted an exclusive, irrevocable, royalty-free license to use the marks
in Mexico with respect to the same products. G-III acquired a 49%
interest in the joint venture. G-III is also the first licensee of the
joint venture and has been granted a five year license (with two
renewals of five years each) for women's apparel, women's handbags, and
men's outerwear. The joint venture expects to grant additional category
licenses over time to G-III and/or to other parties.
Morris Goldfarb, G-III's Chairman, Chief Executive Officer and
President, said, "Karl Lagerfeld has a rich history and has truly
captured and captivated the imagination of women and men around the
world. We are excited to have formed this partnership and are poised to
launch this iconic fashion brand to a new generation of consumers. We
are looking forward to shipping product for the Spring 2016 season and
believe we can build and grow a meaningful business for Karl Lagerfeld
product."
Pier Paolo Righi, CEO and President of Karl Lagerfeld Group BV, said,
"We continue to execute ambitious plans and a global growth strategy for
the Karl Lagerfeld business. The North American market forms an
important part of these plans. G-III is a true leader in this market and
has demonstrated excellence across a range of businesses. We believe
that these first categories will quickly form the cornerstone of our
North American business. We are excited for our future and to now add
G-III's value-added capabilities across a number of important
categories."
About G-III Apparel Group, Ltd.
G-III is a leading manufacturer and distributor of outerwear, dresses,
sportswear, swimwear, women's suits, women's performance wear, footwear,
luggage, women's handbags, small leather goods and cold weather
accessories under licensed brands, owned brands and private label
brands. G-III sells swimwear, resort wear, and related accessories under
its own Vilebrequin brand. G-III also sells outerwear, dresses, and
performance wear under its own Andrew Marc and Marc New York brands, and
has licensed these brands to select third parties in certain product
categories. G-III has fashion licenses under the Calvin Klein, Karl
Lagerfeld, Kenneth Cole, Cole Haan, Guess?, Tommy Hilfiger, Jones New
York, Jessica Simpson, Vince Camuto, Ivanka Trump, Ellen Tracy, Kensie,
Levi's and Dockers brands. Through its team sports business, G-III has
licenses with the National Football League, National Basketball
Association, Major League Baseball, National Hockey League, Touch by
Alyssa Milano and more than 100 U.S. colleges and universities. Other
owned brands include Bass, G.H. Bass, G-III Sports by Carl Banks, Eliza
J, Black Rivet and Jessica Howard. G-III also operates retail stores
under the Wilsons Leather, Bass, G.H. Bass & Co., Vilebrequin and Calvin
Klein Performance names.
Statements concerning G-III's business outlook or future economic
performance, anticipated revenues, expenses or other financial items;
product introductions and plans and objectives related thereto; and
statements concerning assumptions made or expectations as to any future
events, conditions, performance or other matters are "forward-looking
statements" as that term is defined under the Federal Securities laws.
Forward-looking statements are subject to risks, uncertainties and
factors which include, but are not limited to, reliance on licensed
product, reliance on foreign manufacturers, risks of doing business
abroad, the current economic and credit environment, the nature of the
apparel industry, including changing customer demand and tastes,
customer concentration, seasonality, risks of operating a retail
business, customer acceptance of new products, the impact of competitive
products and pricing, dependence on existing management, possible
disruption from acquisitions and general economic conditions, as well as
other risks detailed in G-III's filings with the Securities and Exchange
Commission. G-III assumes no obligation to update the information in
this release.
KARL LAGERFELD COMPANY PROFILE
As one of the world's most celebrated fashion designers, Karl Lagerfeld
is globally renowned for his aspirational and cutting-edge approach to
style. The iconic designer's namesake fashion house reflects his own
signature aesthetic through creative, cool and accessible-luxe apparel
and accessories.
KARL LAGERFELD delivers distinctive style and quality to consumers
through a breadth of collections including ready-to-wear for men and
women, accessories, bags, watches and eyewear. These collections are
complemented by LAGERFELD - a line of casual but refined urban menswear
- and premium fragrances, which were added to the portfolio in 2014. The
company will further expand its portfolio with the launch of a
childrenswear collection, premiering in spring 2016.
The KARL LAGERFELD brand integrates its unique approach to design with
an innovative digital strategy and global 360-degree vision, reflected
through an expanding global network of retail stores and wholesale
locations. KARL LAGERFELD is headquartered in Paris'
Saint-Germain-des-Prés district.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150608005552/en/
G-III Apparel Group, Ltd.
Investor Relations
James Palczynski,
203-682-8229
or
G-III Apparel Group, Ltd.
Neal S.
Nackman, 212-403-0500
Chief Financial Officer
Source: G-III Apparel Group, Ltd.
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