The remaining 81% of fashion brand Karl Lagerfeld has been bought by global fashion company G-III Apparel Group from a group of public and private investors led by Fred Gehring of Amlon Capital BV for $210 million, according to a joint press release Monday (May 2).
G-III has owned 19% of the Lagerfeld brand since 2015 and will become the sole owner in an all-cash transaction that has been approved by the boards of directors of both companies, the release stated.
“This transaction marks yet another significant milestone for G-III,” said G-III Chairman and CEO Morris Goldfarb in the release. “…Fully owning this visionary brand is a continuation of our successful partnership with the Karl Lagerfeld management team. Importantly, the addition of this iconic fashion brand to the G-III portfolio advances several of our key priorities, namely an increase in the direct ownership of brands and their licensing opportunities and further diversification of our global presence.”
The acquisition is expected to close in the second or third quarter of fiscal year 2023, subject to certain adjustments and customary closing conditions, including the receipt of required regulatory approvals, according to the release.
“Over the course of more than a decade — including many years working hand-in-hand with Karl — we have developed a multifaceted fashion house and a strong business that we believe is poised for continued and significant growth,” said Karl Lagerfeld CEO Pier Paolo Righi in the release. “Karl’s original vision for the brand was to inspire people around the world to join his universe through creativity, and I am confident that he would be proud of how his vision and passion has come to life.”
Last month, Lanvin Group — owner of Lanvin apparel, Sergio Rossi footwear, Wolford bodywear, St. John Knits and Caruso men’s fashion — established a store on the Shopify platform as it seeks digital revenue streams from new markets. Also in April, FARFETCH and the Neiman Marcus Group (NMG), parent of Neiman Marcus and Bergdorf Goodman, teamed up to introduce its digital customer experience to customers around the world.
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