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G-III Apparel Group, Ltd. Announces Two Outerwear Acquisitions; G-III to Hold Licenses for Calvin Klein, Guess, St. John Knits, Tommy Hilfiger, Ellen Tracy, and Others; Acquires the Marvin Richards and Winlit Brands.
Publication:
Business Wire
Publication Date: 11-JUL-05 |
Format: Online - approximately 1094 words
Delivery: Immediate Online Access |
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Article Excerpt
NEW YORK -- Aggregate Annual Sales Volume of Acquired Businesses in Excess of $100 Million
G-III Apparel Group, Ltd. (Nasdaq: GIII), a leading manufacturer and distributor of outerwear and sportswear, today announced that it has acquired two privately-held outerwear businesses, Marvin Richards and Winlit. Both transactions are expected to be accretive to G-III's net income per share for this fiscal year and to complement the Company's existing group of licensed and private label programs. The acquisitions are expected to result in opportunities for expense leverage, economies of scale, and sales growth.
Morris Goldfarb, Chairman and Chief Executive Officer of G-III Apparel Group Ltd. said, "It has become highly important, given the accelerating consolidation of retailers and apparel manufacturers, to heighten our competitiveness and to position our Company to service the needs of an increasingly demanding base of customers. Through these transactions, we expect to improve our position in our industry and look forward to demonstrating the benefits of our new business structure to...
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