United States Of America : G-III buys 19% minority stake in Karl Lagerfeld

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G-III buys 19% minority stake in Karl Lagerfeld

29
Feb '16

America's G-III Apparel Group, Ltd. and the parent company of the Karl Lagerfeld brand has announced that G-III has taken a 19 per cent minority stake in the parent company. This investment will strengthen the partnership between G-III and the Karl Lagerfeld brand and extend their business development opportunities on a global scale, G-III said in a press release.

Additional terms of the deal were not disclosed.

G-III is a leading manufacturer and distributor of outerwear, dresses, sportswear, swimwear, women's suits, women's performance wear, footwear, luggage, women's handbags, small leather goods and cold weather accessories under licensed brands, owned brands and private label brands.

This investment is in addition to G-III's ownership of a 49 per cent interest in the North American joint venture that holds rights to the Karl Lagerfeld trademarks for consumer products (with certain exceptions) and apparel in the US, Canada and Mexico. G-III is also the licensee of the joint venture for Karl Lagerfeld women's apparel, women's handbags and men's outerwear.

Morris Goldfarb, G-III's Chairman, Chief Executive Officer and President, said, “We are very pleased to increase our strategic and financial commitment in Karl Lagerfeld, a true iconic fashion brand. We are proud to have been able to acquire these opportunities as a result of our market knowledge, category expertise and strong operational platform. Now, with our expanded partnership in Karl Lagerfeld, we look forward to helping chart its course forward and captivating a generation of new consumers around the world.”

Pier Paolo Righi, CEO and President of Karl Lagerfeld B.V., said, “We are very excited to bring our partnership with G-III to the next level. The alliance with this industry leader will substantially enhance our ability to pursue many important strategic opportunities and further propel the brand and business. This is another major milestone for our company.”

Karl Lagerfeld, one of the world's most celebrated fashion designers is renowned for his aspirational and cutting-edge approach to style. The iconic designer's namesake fashion house reflects his own signature aesthetic through creative, cool and accessible-luxe apparel and accessories. (SH)

Fibre2Fashion News Desk – India

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