G-III Apparel Group has signed an agreement to purchase European luxury fashion brand Sonia Rykiel.
G-III plans to accelerate the relaunch of the brand primarily in Europe, for the fall of 2022, with collections across multiple categories. The transaction is expected to close by the end of October 2021.
Morris Goldfarb, Chairman and Chief Executive Officer, G-III, says, there is significant opportunity to unlock the untapped potential of this brand. GII will leverage the existing executive management team and infrastructure based in Europe, as well as its supply chain expertise to scale and grow the Sonia Rykiel business across apparel, accessories and numerous other lifestyle categories.
Eric and Michael Dayan, Owners, Sonia Rykiel, adds G-III’s dominance in a diversified range of lifestyle categories, along with its well-established and broad range of retail partners, assures a bright future for the growth of the Sonia Rykiel brand.