NEW YORK & PARIS--(BUSINESS WIRE)--
G-III Apparel Group, Ltd. (NasdaqGS:GIII) and the parent company of the KARL
LAGERFELD brand announced today that G-III has taken a 19% minority
stake in the parent company. This investment will strengthen the
partnership between G-III and the KARL LAGERFELD brand and extend their
business development opportunities on a global scale. Additional terms
of the deal were not disclosed.
This investment is in addition to G-III's ownership of a 49% interest in
the North American joint venture that holds rights to the KARL LAGERFELD
trademarks for consumer products (with certain exceptions) and apparel
in the United States, Canada and Mexico. G-III is also the licensee of
the joint venture for KARL LAGERFELD women's apparel, women's handbags
and men's outerwear.
Morris Goldfarb, G-III's Chairman, Chief Executive Officer and
President, said, "We are very pleased to increase our strategic and
financial commitment in KARL LAGERFELD, a true iconic fashion brand. We
are proud to have been able to acquire these opportunities as a result
of our market knowledge, category expertise and strong operational
platform. Now, with our expanded partnership in KARL LAGERFELD, we look
forward to helping chart its course forward and captivating a generation
of new consumers around the world."
Pier Paolo Righi, Chief Executive Officer and President of KARL
LAGERFELD B.V., said, "We are very excited to bring our partnership with
G-III to the next level. The alliance with this industry leader will
substantially enhance our ability to pursue many important strategic
opportunities and further propel the brand and business. This is another
major milestone for our company."
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 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, Tommy
Hilfiger, Karl Lagerfeld, Kenneth Cole, Cole Haan, Guess?, 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. In
2015 the company introduced its online global women's flagship store on
Karl.com, and expanded its portfolio with the launch of a childrenswear
collection.
The KARL LAGERFELD brand integrates its unique approach to design with
an innovative digital strategy and global 360-degree vision, reflected
through an expanding network of retail stores and wholesale locations
worldwide.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160225006376/en/
For: 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
or
KARL
LAGERFELD
Press:
Caroline Lebar, +33 1 4450 2207
caroline.lebar@karllagerfeld.com
Source: G-III Apparel Group, Ltd.
News Provided by Acquire Media
