Fashion label Karl Lagerfeld will be taken over by G-III Apparel Group. The new owner sees potential to double the turnover of the brand.
Just over three years after the death of fashion designer Karl Lagerfeld, his eponymous label finds itself in new, American hands. The G-III Apparel Group, which already held a 19 % stake in the brand, is now acquiring the remaining 81 % of the shares for 200 million euros.
The investor sees great global potential for the fashion brand, which has experienced strong growth in North America in recent years. CEO Morris Goldfarb foresees a turnover of more than two billion dollars.
Branded stores and wholesale
Karl Lagerfeld operates 120 brand stores in cities including Paris, London, Berlin, Dubai and Shanghai, as well as an extensive wholesale network in the United States, Europe and Asia. The brand also operates the webshops karl.com and karllagerfeldparis.com and is present on a variety of online platforms.
G-III Apparel owns well-known fashion brands such as DKNY, Calvin Klein, Tommy Hilfiger and Vilebrequin. Recently, the group acquired the French fashion house Sonia Rykiel.