The G-III Apparel Group, which includes the fashion houses Donna Karan and Sonia Rykiel, takes over the French fashion label Karl Lagerfeld.
The US clothing group already owns 19 percent of the Karl Lagerfeld brand. Now G-III secures the remaining 81 percent for 200 million euros, as the company announced on Monday. The majority stake was previously held by a group of private and public investors led by Fred Gehring of Amlon Capital BV. Part of the acquisition will also be a 10% stake in Karl Lagerfeld’s joint venture in China. The Company expects the acquisition to close in the second or third quarter of fiscal 2023 ending January 31, 2023.
“This transaction marks another significant milestone for G-III. Since acquiring an interest in the brand in 2015, G-III has built Karl Lagerfeld into an important and rapidly growing part of our North American business,” said Morris Goldfarb, Managing Director at G-III. “The addition of this iconic fashion brand to G-III -Portfolio advances several of our key priorities, namely increasing direct brand ownership and licensing opportunities, and further diversifying our global footprint.”
The US clothing group G-III Apparel Group Inc., which presented surprisingly good results for the 2021/22 financial year in mid-March, secured the French label Sonia Rykiel in September.
G-III and Karl Lagerfeld deepen cooperation
“Morris [Goldfarb] and the G-III team have been part of our family since we joined forces in 2015 to bring the Lagerfeld name to North America,” said Karl Lagerfeld CEO Pier Paolo Righi. “Since then we have worked together to further expand the presence of the brand. This transaction is the natural progression of this positive working relationship. Working even more closely with a team we know, trust and have a proven track record will allow us to further accelerate the brand’s global opportunity.”
The Karl Lagerfeld brand follows the iconic vision and design aesthetic of founder Karl Lagerfeld. For this, the label relies on a rock-chic attitude. The range includes pieces for women, men and children as well as bags, small leather goods, fragrances, shoes and other accessories. This is sold in around 120 of its own stores and those operated by partners, as well as in its own online shop and at wholesale partners.