LVMH sells Donna Karan to G-III Apparel
Luxury group LVMH has agreed to sell its Donna Karan International fashion brand to G-III Apparel Group in a $650 million deal.
The transaction is expected to close in late 2016 or early 2017.
Toni Belloni, group managing director of LVMH, said: “We believe the DKNY brand has a dynamic position in the market, and when G-III approached us about acquiring the brand, we concluded that the time was right and that G-III was the right steward going forward.
“We are pleased to have reached an agreement with G-III, a company that has the expertise and capabilities to broaden the brand’s distribution and take it to its next level of success.”
The move follows the stepping down of the brand’s founder and chief designer Donna Karan in 2015 as she looked to devote more time to her Urban Zen company and foundation.
