Karl Lagerfeld B.V., the parent company of the Karl Lagerfeld brand, has taken on G-III Apparel Group as a minority shareholder.
News of the 19 percent stake was announced Thursday, eight months after G-III Apparel acquired a 49 percent interest in the North American joint venture that holds rights to the Karl Lagerfeld trademarks for most consumer products and apparel in the U.S., Canada and Mexico. The New York-based business, which makes licensed apparel for the likes of Levi’s, Calvin Klein and Tommy Hilfiger, is also the licensee for Karl Lagerfeld branded women’s apparel and handbags and men’s outerwear.
Additional terms of the deal were not disclosed.
“We are proud to have been able to acquire these opportunities as a result of our market knowledge, category expertise and strong operational platform,” Morris Goldfarb, G-III’s chairman, chief executive officer and president, stated. “Now, with our expanded partnership in Karl Lagerfeld, we look forward to helping chart its course forward and captivating a generation of new consumers around the world.”
Pier Paolo Righi, CEO and president of Karl Lagerfeld B.V., called the deal “a major milestone.”
“We are very excited to bring our partnership with G-III to the next level. The alliance with this industry leader will substantially enhance our ability to pursue many important strategic opportunities and further propel the brand and business,” he said.