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Published
Dec 2, 2016
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G-III Apparel completes Donna Karan acquisition, Caroline Brown, Dao-Yi Chow and Maxwell Osborne step down

Published
Dec 2, 2016

G-III Apparel Group is poised for multi-billion dollar revenue growth. The company has diversified its portfolio which includes brands Vilebrequin and Andrew Marc and fashion licenses under Calvin Klein, Tommy Hilfiger and Karl Lagerfeld. Meanwhile, on Wednesday, it closed the acquisition of Donna Karan International. But, not without the brand's CEO and current co-Creative Directors, calling it a day.


DKNY spring 2017 - © PixelFormula


G-III acquired Donna Karan International and DKNY Brands from LVMH in July for $650 million, and the company funded the total purchase price with $75 million of common stock to be issued to LVMH. According to Goldfarb, Donna Karan fits the G-III strategy and portfolio and is “an excellent growth catalyst.”
 
Morris Goldfarb, Chairman and Chief Executive Officer of G-III, commented, “Donna Karan International is a transformative addition to our global portfolio of iconic brands and enhances our position as a fashion leader. We believe there is a need for these brands in the market and that DKNY alone has the potential to generate $1 billion in annual sales. Working closely with our partners and through our strong licensing network, we are confident we can quickly bring to market a comprehensive and compelling lifestyle offering that will restore the DKI brands to prominence and excite consumers.”

Donna Karan stepped down as Chief Designer of Donna Karan International in July 2015 to focus on her Urban Zen Company and Foundation. Prior to her departure, the company appointed Public School Co-Founders and Creative Directors Dao-Yi Chow and Maxwell Osborne as Co-Creative Directors of DKNY. Rumors of LVMH selling Donna Karan began in July 2016, and G-III Apparel Group emerged as buyers shortly after.


DKNY co-creative directors Dao-Yi Chow and Maxwell Osborne - Business Wire


 
Following the closing of the acquisition, according to the press, DKNY Co-Creative Directors Dao-Yi Chow and Maxwell Osborne and DKI Chief Executive Officer Caroline Brown, parted ways with the company.
 
Chow and Osborne said in a joint statement, “Given the company sale and subsequent change in strategies, we have decided to step down and focus on our own business Public School. It’s been an unbelievable experience to work side by side with the wonderful people at DKNY, especially our amazing design team and atelier. We wish the company success in the future.”
 
Brown also joined DKI in 2015 as Chief Executive Officer. Prior to joining DKI, she served as President of Carolina Herrera, CEO of Akris US, and held marketing and communications roles at Giorgio Armani.
 
G-III Apparel also updated its financial guidance outlook for fiscal 2017 following the closing of the DKI acquisition. The company now expects net sales of $2.43 billion and net income in range of $67 million and $72 million, with the acquisition of Donna Karan contributing $25 million in net sales.
 
The company’s third quarter sales were $883 million compared to $910 million in the prior year comparable period, and net income fell to $70.6 million, or $1.50 per diluted share, from $87.2 million, or $1.87 per diluted share, in the previous year.
 
Goldfarb concluded, “While conditions in our industry have been and remain challenging, we have what it takes across the organization in terms of drive, commitment and talent to carry through on our growth initiatives and deliver excellent value for our shareholders, our customers and our partners.”

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