|
G-III, which owns brands including DKNY and Jessica Howard, will
purchase the additional stake from a group of investors led by
Fred Gehring of Amlon Capital BV. The apparel maker first
acquired a stake in the brand in 2015.
G-III said it expects the brand to represent more than $2
billion in retail sales.
Launched in 1984 by German fashion designer Karl Lagerfeld -
known for his pony-tailed hair and tinted sunglasses as well as
his association with luxury brands Chanel and LVMH's Fendi - the
eponymous brand offers Parisian fashion combined with rock-chic
styles, sported by everyone from model Kate Moss to Formula 1
star Lewis Hamilton.
The fashion icon passed away in 2019.
Karl Lagerfeld has approximately 120 company and
partner-operated stores worldwide, with key locations in Paris,
London, Moscow, New York and Shanghai among others.
The deal is expected to close in the second or third quarter of
fiscal year 2023, G-III said, adding, it would add $200 million
in initial annual sales.
(Reporting by Deborah Sophia in Bengaluru; Editing by Rashmi
Aich)
[© 2022 Thomson Reuters. All rights
reserved.]
Copyright 2022 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
