Business
G-III Apparel Group, Ltd. Announces Increased Investment in AWWG
- Partnership Accelerates the International Expansion of G-III’s Owned Brands - NEW YORK--(BUSINESS WIRE)-- G-III Apparel Group, Ltd. (Nasdaq: GIII) (“G-III”
About this update from G-iii Apparel Group, Ltd.
[{"type":"text","content":"\n- Partnership Accelerates 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 an increased investment in All We Wear Group (“AWWG” or “Group”), which owns the iconic brands Pepe Jeans London, Hackett, and Façonnable. The previously disclosed strategic partnership for an ownership stake of 12%, now increases to approximately 19%.\n\n\nMadrid-based AWWG, which is owned by M1 Group, LCatterton and founder Carlos Ortega, is a premier platform for international brands and generates over $650 million in revenues across over 3,500 points of sale in over 86 countries. As part of the previously announced agreement, the Group has become the official agent for DKNY, Donna Karan and Karl Lagerfeld across Spain and Portugal, as the Company seeks to maximize its European growth opportunity. G-III also plans to leverage AWWG’s notable presence in India, one of the fastest growing fashion markets in the world, to expand its key brands, led by DKNY. In turn, AWWG will benefit from G-III’s best-in-class operations in North America to expand its footprint in that market.\n\n\nMorris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “We are pleased to expand our investment in AWWG and strongly believe this partnership is another growth opportunity for our business. This transaction reinforces our strategic priorities and we look forward to further developing our relationship with AWWG and its talented team, as we accelerate our collective businesses.”\n\n\nAbout G-III Apparel Group, Ltd.\n\n\nG-III Apparel Group, Ltd., a global leader in fashion with expertise in design, sourcing and marketing, owns and licenses a portfolio of over 30 preeminent brands. The Company is differentiated across unique brand propositions, product categories and consumer touch points. G-III owns ten iconic brands including, DKNY, Karl Lagerfeld, Donna Karan and Vilebrequin, and licenses over 20 brands, including Calvin Klein, Tommy Hilfiger, Nautica, Halston and National Sports leagues, among others.\n\n\nStatements 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 state...