GIII - G-III Apparel to purchase remaining 81% interest in Karl Lagerfeld brand for $210M

G-III Apparel (NASDAQ:GIII) entered into an agreement to purchase the remaining 81% interest in famed fashion brand Karl Lagerfeld for €200M ($210M) in an all-cash transaction. The company will purchase the additional stake in the brand from a group of private and public investors, led by Fred Gehring of Amlon Capital BV. Currently, G-III owns 19% of the brand and, through this transaction, will become the sole owner of the Karl Lagerfeld brand. "Since acquiring a stake in the brand in 2015, G-III has built Karl Lagerfeld into an important and rapidly growing part of our North American business. Importantly, the addition of this iconic fashion brand to the G-III portfolio advances several of our key priorities, namely an increase in the direct ownership of brands and their licensing opportunities and further diversification of our global presence," chairman & CEO Morris Goldfarb commented. The brand is believed to have a retail sales opportunity

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G-III Apparel to purchase remaining 81% interest in Karl Lagerfeld brand for $210M