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

Posted on by Cameron Tewson

PUBLIC-SCHOOL1

 

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

Celebrating five years online, frontrowedit.co.uk, founded by Cameron Tewson in 2012, is an online media outlet which consists of his musings, thoughts and observations within the fashion industry; editing from both front row and backstage at shows across the globe. With an ever growing following from around the world, Cameron and his work on frontrowedit.co.uk has been named one of the top ten bloggers in the world. Cameron and has previously consulted and worked for brands as well as global organisations which only adds to the depth, style and insider knowledge., frontrowedit.co.uk is the number one destination for all things luxury including travel from Summer 2017. View all posts by Cameron Tewson →