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G-III acquires Donna Karan International from LVMH

Leading designer, manufacturer and marketer of branded apparels and accessories, G-III Apparel Group, has entered into a definitive agreement with LVMH Moët Hennessy Louis Vuitton, the world’s leading high quality products group by which the former has acquired Donna Karan International, parent of the Donna Karan and DKNY brands owned by LVMH. The deal is worth $650 million and the final transaction is expected to close in late 2016 or early 2017.

In connection with the acquisition, G-III has obtained financing commitments from Barclays and JPMorgan Chase Bank, NA for a $525 million ABL credit facility and a $450 million 6-year term loan. In a statement, Morris Goldfarb, Chairman, Chief Executive Officer and President of G-III said that Donna Karan International was an iconic global fashion company. Its lifestyle aesthetic resonates well with consumers throughout the world. G-III is excited to build upon its strong foundation as they seek to capitalize on a significant market opportunity.

Managing director of LVMH, Toni Belloni points out Donna Karan International has a deep heritage, global recognition and renewed energy. His company believes that the DKNY brand has a dynamic position in the market and when G-III approached it about acquiring the brand, LVMH concluded the time was right and G-III was the right company in the trade going forward.

 
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