G-III Apparel to buy Karl Lagerfeld brand in 210 million USD all-cash deal
(VOVWORLD) - G-III Apparel Group said on Monday it has agreed to acquire the remaining 81% stake in Karl Lagerfeld for 210 million USD in cash, becoming the sole owner of the Parisian fashion brand.
G-III, which owns brands including DKNY and Jessica Howard, will purchase the additional stake from a group of investors led by Fred Gehring of Amlon Capital BV. The apparel maker first acquired a stake in the brand in 2015.
G-III said it expects the brand to represent more than 2 billion USD in retail sales.
Launched in 1984 by German fashion designer Karl Lagerfeld - known for his association with luxury brands Chanel and Fendi - the eponymous brand offers Parisian fashion combined with rock-chic styles, sported by everyone from model Kate Moss to Formula 1 star Lewis Hamilton.
The fashion icon passed away in 2019.
Karl Lagerfeld has approximately 120 company and partner-operated stores worldwide.