LVMH Sells Donna Karan to G-III Apparel for $650 Million

Posted on by Cameron Tewson

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BREAKING: LVMH agreed to sell Donna Karan International Inc. to G-III Apparel Group Ltd. for an enterprise value of $650 million, a year after the founder of the women’s clothing brand departed.

G-III will gain the Donna Karan and DKNY brands, the companies said in a statement Monday. They said they expect to complete the transaction by early next year. “When G-III approached us about acquiring the brand, we concluded that the time was right,” Toni Belloni, managing director of LVMH, said in the statement.

Donna Karan founded the fashion label in 1984 with her late husband, Stephan Weiss. She stepped down as chief designer last year to focus on other projects such as Urban Zen. G-III makes dresses, suits and sportswear under brands such as Calvin Klein and Vince Camuto. G-III said it expects the acquisition to weigh on profit in the fiscal year through January 2018, and boost earnings from then on. The New York-based company is taking on debt to fund the purchase.

More news to follow shortly.

Source: BOF

About Cameron Tewson

Cameron Tewson is the editor and founder of frontrowedit.co.uk. The online media outlet which launched in 2012 was designed to share his thoughts and observations within the fashion & luxury industry. Rising through the ranks. Since leaving school at the tender age of 16, Cameron has consulted for leading global organisations and has been named one of the 7th top influencers to follow as well as a 30 under 30 rising star in the UK. He can be found instagramming at @camerontewson View all posts by Cameron Tewson →