G-III Apparel Agrees To Buy Remaining 81% Stake In Kerl Lagerfeld Fashion Brand For $210M - G-III Apparel

G-III Apparel Group Ltd (NASDAQ:GIII) has agreed to acquire the remaining 81% interest in the fashion brand Kerl Lagerfeld for €200 million ($210 million).
The purchase will make G-III Apparel the sole owner of the brand as it already owns a 19% stake.
G-III will purchase the additional stake in the brand from a group of private and public investors led by Fred Gehring of Amlon Capital BV.
"This team, combined with G-III's expertise, is expected to unlock more of the brand's global potential, which we believe represents a retail sales opportunity in excess of $2 billion," said Chairman and CEO Morris Goldfarb.
The company held $465.9 million in cash and equivalents as of January 31, 2022.
GIII expects the transaction to close in the second or third quarter of FY23.
Price Action: GIII shares closed lower by 4.85% at $26.48 on Friday.

To add Benzinga News as your preferred source on Google, click here.