Financial

G-III Misses Wall Street's Q3 Estimates

7 days ago   |   By WWD

Shares of G-III Apparel Group Ltd. fell 7 percent in after-market trading Thursday following the company's posting of third-quarter results that missed Wall Street's consensus estimates.
For the three months ended Oct. 31, net income fell 19 percent to $70.6 million, or $1.50 a diluted share, from net income of $87.2 million, or $1.87, a year ago. Net sales slipped 2.9 percent to $883.5 million from $909.9 million.
Wall Street was expecting earnings per share of $1.54 on revenues of $937.6 million.
For the nine months, net income dropped 32.3 percent to $72 million, or $1.53 a diluted...
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Breaking: Public School Designers to Exit DKNY

7 days ago   |   By Fashionista

Earlier this year, it was announced that LVMH had sold Donna Karan International to fashion conglomerate G-III. Today, as the sale comes to a close, changes under the new acquisition are taking effect, with DKI chief executive officer Caroline Brown and...
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Caroline Brown, Dao-Yi Chow and Maxwell Osborne to Exit DKI

7 days ago   |   By WWD

NEW YORK - With the closing of the sale of Donna Karan International to G-III Apparel Group, Ltd., Caroline Brown, chief executive officer of DKI, will be leaving the company. In addition, Dao-Yi Chow and Maxwell Osborne, co-creative directors of DKNY, will exit and will focus on their Public School business.
Their departures were expected with the closing of G-III's $650 million acquisition of DKI from LVMH Moët Hennessy Louis Vuitton. The trio will leave DKI at the end of the year.
“As Donna Karan International transitions to new ownership and therefore new directions, I have decided it...
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G-III Completes Acquisition of Donna Karan International

7 days ago   |   By WWD

G-III Apparel Group Ltd. said it has completed the acquisition of Donna Karan International Inc.
DKI is the parent of the Donna Karan and DKNY brands. G-III said it funded the total purchase price of $650 million through a combination of cash, $75 million of newly issued shares of common stock to LVMH Moët Hennessy Louis Vuitton and a $125 million junior lien seller note, made up of $75 million with a six-and-a-half year maturity and $50 million with a seven-year maturity. The company said the cash component of the purchase price was paid from the proceeds of a $350 million six-year-senior...
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