G-III Apparel buys out Marvin Richards & Winlit outerwear businesses
12 Jul '05
5 min read
The sellers will also be entitled to receive additional purchase price based on the performance of the Company's new Marvin Richards division through the fiscal year ending January 31, 2009. In addition to a sizable business under its own Marvin Richards brand, as a result of this acquisition G-III now has licenses with Calvin Klein for men's and women's outerwear and with St. John Knits for all women's outerwear.
Marvin Richards also conducts a variety of private label programs.
Sammy Aaron, the president of Marvin Richards, will become president of the new Marvin Richards division of G-III, as well as Vice Chairman of G-III. He will also become a director of G-III.
Mr. Aaron commented, "My partners, Lee Lipton and Andy Reid, and I are incredibly pleased to join forces with G-III. We have long respected and admired their position as one of the world's leading outerwear companies. I look forward to both joining the Company's executive management team and to further strengthening our market presence."
G-III acquired the operating assets of Winlit Group, Ltd. for approximately $7.3 million. The seller will also be entitled to receive additional purchase price based on the performance of the Company's new Winlit division through the fiscal year ending January 31, 2009.
As a result of this acquisition, G-III will now have the license for all outerwear for both men and women under the Guess? brand name, for leather outerwear under the Tommy Hilfiger brand name, as well as licenses for Ellen Tracy, London Fog, Pacific Trail, and BCBG by Max Azria. The Winlit division also conducts a variety of private label programs.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
