G-III APPAREL TAKES MINORITY STAKE IN KARL LAGERFELD PARENT COMPANY
G-III Apparel Group, Ltd. has taken a 19 percent minority stake in the parent company of the Karl Lagerfeld brand in hopes to strengthen the partnership between G-III and the Karl Lagerfeld brand and extend their business development opportunities on a global scale. Additional terms of the deal were not disclosed.
This investment is in addition to G-III’s ownership of a 49 percent 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 United States, 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.
“We are very pleased to increase our strategic and financial commitment in Karl Lagerfeld, a true iconic fashion brand,” said Morris Goldfarb, G-III’s chairman, president and CEO. “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, president and CEO of Karl Lagerfeld B.V., added, “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.”
