Global Apparel Market – An Overview | Watch NOW! | Ad
Home / Knowledge / News / Fashion / G-III buys outerwear & handbags supplier
G-III buys outerwear & handbags supplier
Feb '08
G-III Apparel Group Ltd announced that it has acquired Andrew Marc, a significant supplier of fine outerwear and handbags for both men and women to the upscale specialty and department store tiers of distribution.

For 2007, the Andrew Marc business recorded approximately $80 million of net sales under the Andrew Marc, Marc New York, and licensed Dockers and Levi's brands. The purchase price, including working capital adjustments, was approximately $42 million. The transaction is expected to be accretive in the first year.

Morris Goldfarb, Chairman and Chief Executive Officer, said, “We have long believed that our business and growth prospects would be exceptionally well served with a strong company-owned brand. Andrew Marc, which is recognized as one of the best outerwear brands in the marketplace, is an excellent fit with our organization.

Strategically, we believe that the Andrew Marc brand can be leveraged into a variety of new categories to become a meaningful contemporary lifestyle brand. Operationally, we believe that we can quickly identify synergies and achieve economies of scale in a variety of areas.

Financially, we believe that the transaction will prove to be accretive this year. We also believe that the transaction will provide exceptional value to us and the opportunity to drive incremental returns to our shareholders as we move forward with our growth plans for this business.”

Mark Schwartz, President and Chief Executive Officer of Gordon Brothers Group, LLC, and Managing Partner of GB Merchant Partners, commented, “We have worked closely with the team at Andrew Marc to develop the Company's owned and licensed brands.

As we now focus on our other portfolio companies, we are confident that the tremendous potential of Andrew Marc, Marc New York, Dockers and Levi's will continue to be realized under the ownership of G-III.”

Andrew Marc was advised by Financo Inc, a New York based investment banking firm. G-III was represented by Fulbright & Jaworksi, L.L.P. GB Merchant Partners was represented by Latham & Watkins LLP.

G-III Apparel Group Ltd

Must ReadView All

China reportedly cancels trade talks with US, Liu He visit

Apparel/Garments | On 22nd Sep 2018

China reportedly cancels trade talks with US, Liu He visit

Washington is reportedly positive about arriving at a solution to its ...

AmCham Cambodia cautions US against possible sanctions

Apparel/Garments | On 22nd Sep 2018

AmCham Cambodia cautions US against possible sanctions

In a letter to US lawmakers, the American Chamber of Commerce...

Courtesy: ycloset

Apparel/Garments | On 22nd Sep 2018

Alibaba invests in clothes sharing platform Ycloset

Chinese garment sharing platform YCloset has completed an undisclosed ...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

The foremost issue is bridging the skill gap

Vidhyaa Shankar. S, A Ganapathi Chettiar

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Abhishek Samdaria, Reflete

Abhishek Samdaria

GST will certainly reduce a lot of paperwork in future

Abhishek Dhanuka,

Abhishek Dhanuka

Vyom International Pvt Ltd, established in 2002, is one of Surat's leading ...

Sarah Perkins,

Sarah Perkins

Fairfax, Virginia-based Specialty Graphic Imaging Association (SGIA) is a...

Kalai Selvi,

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Robert Erichsen, Statex Produktions & Vertriebs GmbH

Robert Erichsen
Statex Produktions & Vertriebs GmbH

Statex Produktions & Vertriebs Gmbh, founded in 1978 and headquartered ...

Kai Poehler, Voith Paper GmbH & Co. KG

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Ray Baughman, University of Texas -Dallas

Ray Baughman
University of Texas -Dallas

<div>A team of scientists and researchers have discovered twistrons,...

Hemant & Nandita, Hemant & Nandita

Hemant & Nandita
Hemant & Nandita

The designer duo of Hemant &amp; Nandita are known for being inspired by...

Karan Arora, Karan Arora

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Sonam & Paras Modi, SVA

Sonam & Paras Modi

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on

Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

September 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category

Related Categories:

Advanced Search