Business
G-III Announces Strategic Partnership with AWWG
Accelerates the International Expansion of G-III’s Owned Brands NEW YORK--(BUSINESS WIRE)-- G-III Apparel Group, Ltd. (Nasdaq: GIII) (“G-III” or the
About this update from G-iii Apparel Group, Ltd.
[{"type":"text","content":"\nAccelerates the International Expansion of G-III’s Owned Brands\n\n\n NEW YORK--(BUSINESS WIRE)--\nG-III Apparel Group, Ltd. (Nasdaq: GIII) (“G-III” or the “Company”), a global leader in fashion, today announced a strategic partnership and investment in All We Wear Group (“AWWG” or “Group”), for an ownership stake of approximately 12%. AWWG now becomes the Agent for DKNY, Donna Karan and Karl Lagerfeld across Spain and Portugal.\n\n\nMadrid-based AWWG, which is owned by M1 Group, LCatterton and founder Carlos Ortega, is a premier platform for international brands including Hackett, Pepe Jeans and Façonnable, and generates over $650 million in revenues across over 3,500 points of sale in over 86 countries. The Group, which also manages the Iberian business for PVH Corp., offers significant expertise to unlock the Spain and Portugal markets for G-III’s brands as the Company seeks to maximize its European growth opportunity. Additionally, G-III plans to leverage AWWG’s notable presence in India to expand its key brands, led by DKNY, in one of the fastest growing fashion markets in the world. In turn, AWWG will benefit from G-III’s best-in-class operations in North America to expand their footprint in the market.\n\n\nMorris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “This exciting partnership with AWWG helps us accelerate a number of our strategic priorities. It not only affords us the opportunity to meaningfully invest in a company with iconic brands, but also represents a sizable international presence with a strong infrastructure and talented leadership team that will benefit our efforts to scale our European business. At the same time, we look forward to supporting AWWG’s overall growth and advancement of their brands here in North America.”\n\n\nMarcella Wartenbergh, CEO of AWWG, stated, \"We are incredibly proud to have G-III, an industry leader with a track record of scaling brands, as our shareholder. We look forward to partnering together to propel the growth and European expansion of DKNY, Donna Karan and Karl Lagerfeld, leveraging our global brand platform, operational excellence and Indian market capabilities. AWWG will also benefit from G-III’s expertise and investment as we seek to expand our brands Hackett, Pepe Jeans and Façonnable in North America and further solidify our operational platform d...