Sportswear maker G-III Apparel Group Ltd has filed a registration statement with the Securities and Exchange Commission for a proposed offering of 4,000,000 shares of its common stock.
The company will offer 3,000,000 shares and selling stockholders will offer 1,000,000 shares. It will also grant the underwriters a 30-day option to purchase up to an additional 600,000 shares for over-allotment purposes. It will not receive any proceeds from the sale of shares of common stock by the selling stockholders.
The company plans to use the net proceeds from this offering to repay its outstanding term loan and for general corporate purposes.
G-III is a leading designer, manufacturer and marketer of outerwear and sportswear under licensed brands, its own proprietary brands and private retail labels. It sells an extensive range of outerwear and sportswear, including coats, jackets, pants and other sportswear items, as well as women's suits and dresses.
G-III distributes its products through a broad mix of retail partners at a variety of price points.