G-III Apparel Group Ltd said on Monday it has agreed to acquire the remaining 81% stake in Karl Lagerfeld for $210 million in cash, becoming the sole owner of the Parisian fashion brand.
G-III, which owns brands including DKNY and Jessica Howard, will purchase the additional stake from a group of investors led by Fred Gehring of Amlon Capital BV. The apparel maker first acquired a stake in the brand in 2015.
The deal is expected to close in the second or third quarter of fiscal year 2023, G-III said, adding, it would add $200 million in initial annual sales.
Read more: Reuters
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