LVMH selling Donna Karan International
Donna Karan International has been acquired by G-III Apparel Group.
Currently DKI, parent company of Donna Karan and DKNY, is owned by LVMH Moet Hennessy Louis Vuitton, but after purchasing the company for $650 million (£495 million) ownership will soon belong to G-III. The move is expected to happen in late 2016/ early 2017.
G-III’s chairman, chief executive officer and president Morris Goldfarb shared his excitement at the business move.
“Donna Karan International is an iconic global fashion company,” he said, according to WWD. “Its lifestyle aesthetic resonates well with consumers throughout the world. We are excited to build upon its strong foundation as we seek to capitalise on a significant market opportunity. Donna Karan brings increased scale and diversification, while providing incremental growth on top of our portfolio of some the best fashion brands in the world. We believe we are well positioned to create and sustain additional value for our shareholders, partners, and customers.”
Group managing director of LVMH Antonio Belloni also spoke about the acquisition, explaining the company now thought the time was right to let go of the label. He adds G-III is the “right steward” to take on DKI.
“(It has) the expertise and capabilities to broaden the brand’s distribution and take it to the next level of success,” he stated.
He also thanked creative directors Maxwell Osborne and Dao-Yi Chow, CEO Caroline Brown and the “entire management and design teams” for all their work.
It’s expected that Public School founders Osborne and Chow will stay on for now.
DKI is the latest brand to be added to G-III‘s impressive roster. As well as owning brands and private labels, the company also has licensed business with labels like Calvin Klein, Karl Lagerfeld and Tommy Hilfiger.