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G-III Apparel announces asset acquisition

May '07
G-III Apparel Group Ltd (GIII) announced that it has acquired certain assets of Jessica Howard Ltd and Industrial Cotton Inc, two affiliated companies. Jessica Howard designs and markets moderate and better dresses under the Jessica Howard and Eliza J. brands, as well as under private label programs. Industrial Cotton is a mid-tier provider of a broad assortment of junior denim products. The Company acquired the assets for a total purchase price of approximately $8.1 million.

Morris Goldfarb, Chairman and Chief Executive Officer, commented, "We are excited to accelerate the strategic development of our Company through this acquisition. We will gain some immediate scale in dresses and believe there is an excellent opportunity for us to grow this business through adding new dress licenses and expanding the private label business. We will also gain added expertise in sportswear through the addition of Industrial Cotton."

The Company noted that Jessica Howard has a well-established base of business in better retailers such as Macy's, Dillard's, Coldwater Creek and Nordstrom, and Industrial Cotton is distributed in the mid-tier channel with customers such as Sears, Kohls, Belk, and JCPenney.

Mr. Goldfarb continued, "We believe that we can expand Jessica Howard and Industrial Cotton's customer base and revenue opportunities and can significantly reinforce this business with improved sourcing, better operational controls, and more efficient financial management. At the same time, the additional infrastructure and scale which these businesses will bring to our Company should prove meaningful."

G-III Apparel Group Ltd

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