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G-III Apparel Group to acquire Donna Karan International
26 Jul '16
1 min read
Marketer of branded apparel G-III Apparel Group will acquire Donna Karan International, parent of the Donna Karan and DKNY brands and owned by LVMH.
The transaction has been done at an enterprise value of $650 million and is expected to close in late 2016 or early 2017.
G-III plans to fund the acquisition through a $75 million of newly issued G-III common stock to LVMH, and a $75 million 6½ year seller note.
G-III has also obtained financing commitments from Barclays and JPMorgan Chase Bank, N.A. for a $525 million ABL credit facility and a $450 million 6-year term loan.
G-III CEO Morris Goldfarb said, “Donna Karan brings increased scale and diversification, while providing incremental growth on top of our portfolio of some of the best fashion brands in the world.”
“We are pleased to have reached an agreement with G-III, a company that has the expertise and capabilities to broaden the brand's distribution and take it to its next level of success,” Toni Belloni, Group MD at LVMH added. (AR)
The transaction has been done at an enterprise value of $650 million and is expected to close in late 2016 or early 2017.
G-III plans to fund the acquisition through a $75 million of newly issued G-III common stock to LVMH, and a $75 million 6½ year seller note.
G-III has also obtained financing commitments from Barclays and JPMorgan Chase Bank, N.A. for a $525 million ABL credit facility and a $450 million 6-year term loan.
G-III CEO Morris Goldfarb said, “Donna Karan brings increased scale and diversification, while providing incremental growth on top of our portfolio of some of the best fashion brands in the world.”
“We are pleased to have reached an agreement with G-III, a company that has the expertise and capabilities to broaden the brand's distribution and take it to its next level of success,” Toni Belloni, Group MD at LVMH added. (AR)
Fibre2fashion News Desk - India
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