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G-III Apparel Group
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G-III Apparel Group is an American clothing company that designs, manufactures, markets, and sells women's and men's apparel with a global portfolio of licensed, owned, and private label brands, including DKNY,[5] Donna Karan, Karl Lagerfeld, Calvin Klein, Tommy Hilfiger, Vilebrequin, Nautica, Halston, G.H. Bass, Levi's, Champion, Major League Baseball, National Basketball Association, National Football League, and National Hockey League.
Key Information
History
[edit]Early history
[edit]The company was founded in New York's Garment District in 1956 by Aron Goldfarb, a Polish-born Holocaust survivor.[6] In 1972 Goldfarb's son, Morris, joined the company, which was then known as G&N Sportswear[7] and specialized in leather outwear.[8] Morris immediately helped the company diversify and expand its sourcing.[9]
In 1974 the company was reorganized as G-III Leather Fashions, Inc.[10] In 1981, G-III launched its Siena Leather division, which offered more fashionable women's leather apparel.[11] In 1986 the company was generating revenues of $20 million,[12] and by 1988 G-III was one of the largest importers and wholesalers of leather clothing in the United States.[13]
In 1988 G-III partnered with football player Carl Banks and reached a licensing deal with the National Football League to design and manufacture leather team jackets.[14]
Public offering and expansion (1989-2004)
[edit]In 1989 G-III's revenues were nearly $100 million[15] and the company operated a branch office in Asia.[16] That same year, G-III became a publicly traded company, listed as G-III Apparel Group, Ltd.[17]
In 1993, G-III extended its licensing deal with the National Football League.[18] Over the next several years, G-III reached similar deals with NASCAR,[19] Major League Baseball, National Hockey League, National Basketball Association, and major colleges.[20]
In 1995 G-III reached a licensing agreement with Kenneth Cole to produce and market outerwear.[21] This agreement was followed by similar licensing arrangements[22] with other brands.[23]
In 2002 Morris Goldfarb's son, Jeffrey Goldfarb, joined the company.[24]
Acquisitions and further growth (2005-present)
[edit]G-III completed a series of acquisitions and licensing deals in the mid-2000s that added prominent brands to the company's portfolio while expanding production capabilities.[25] In 2005 G-III acquired two privately held outerwear businesses,[26] Marvin Richards and Winlit, that held licenses for apparel produced under different brand names, including Calvin Klein and Tommy Hilfiger.[27] The company then began to diversify its offerings beyond outerwear and into new apparel categories like women's dresses, sportswear, and performance wear.[25] In 2007, the company acquired the Jessica Howard and Eliza J brands.[28]
In 2008, G-III acquired assets from retail outlet chain Wilsons Leather.[29] These assets included 116 outlet stores, online retail operations, and a distribution center, and the deal marked the company's first large-scale venture into retail.[30] That same year, G-III acquired the company Andrew Marc.[31]
Further acquisitions in the 2010s[32] and 2020s[33] increased G-III’s portfolio of owned brands and allowed the company to expand globally while increasing its direct-to-consumer distribution channels.[34]
In 2012 G-III acquired the luxury swimwear brand Vilebrequin,[35] which became the first international owned brand in G-III's portfolio.[36] The following year it acquired footwear brand G.H. Bass.[37] In 2015, G-III entered into a joint venture with another luxury brand, Karl Lagerfeld, to create and launch the Karl Lagerfeld Paris label in North America.[38] The company acquired Donna Karan International, the parent company of Donna Karan and DKNY, in 2016.[39]
G-III acquired French fashion brand Sonia Rykiel in 2021.[40]
In 2022, G-III acquired the remaining stake in Karl Lagerfeld.[41]
In 2023, the company announced licensing deals to design, manufacture, and distribute Nautica[42] and Halston.[43]
Operations
[edit]The company designs,[44] sources,[45] manufactures,[44] markets,[21] and sells[46] women's and men's clothing, outerwear, hats, jewelry, and other accessories under licensed, owned, and private label brands.[47] The company also licenses its owned brands for other products[48] and partnerships.[49]
G-III is headquartered in New York and has international offices in Canada, China, Italy, Paris, the Netherlands, and Switzerland.[50] G-III distributes its products through freestanding stores and shops along with international digital channels.[51] The company also sources and manufactures products with global partners.[52]
Morris Goldfarb is the chief executive officer of G-III.[53]
Brands
[edit]G-III owns and licenses more than 30 global fashion brands,[54] and maintains licensing agreements with major U.S. sports leagues and more than 150 U.S. colleges and universities.[54][55]
Some of the company's brand ownership and licensing relationships are summarized below:
Welfare concerns
[edit]Some of G-III's factories, producing brands such as Andrew Marc and Ivanka Trump, have been accused of flouting serious animal or human welfare principles.[81][82][83] An audit by the Fair Labor Association of a G-III contracted Chinese factory in October 2016, found excessive overtime which violated Chinese law, low wages, and workspace safety concerns.[84] A 2017 report by the Guardian on a contracted factory in Indonesia found extremely low wages and unpaid overtime.[85]
See also
[edit]References
[edit]- ^ "G-III Apparel Group". Fortune. Retrieved 2019-09-21.[permanent dead link]
- ^ "G-III names former PVH exec as chief growth and operations officer, reports flat sales". Fashion Dive. Retrieved 2023-12-20.
- ^ "LEADERSHIP TEAM". G-III. Retrieved 2019-09-21.
- ^ "G-III Apparel 10-K for year ending January 31, 2023". www.sec.gov. Retrieved 2023-08-24.
- ^ "Goldfarb Family Brings DKNY Back to New York". The Forward. 2016. Archived from the original on 2019-09-20. Retrieved 2019-09-20.
- ^ Friedman, Arthur (October 12, 2012). "Aron Goldfarb, G-III Founder, Dead at 88". Women's Wear Daily. Fairchild Media. Retrieved March 27, 2023.
- ^ Young, Vicki M (June 6, 2023). "Highlights From G-III Apparel Group's History". Women's Wear Daily. Retrieved November 3, 2023.
1956: Aron Goldfarb migrates to the U.S. and establishes G&N Sportswear, now known as G-III Apparel Group Ltd., as an outerwear company.
- ^ Pederson, Jay P.; Derdak, Thomas (1998). International Directory of Company Histories. St. James Press. p. 222. ISBN 978-1-55862-363-7. Retrieved April 21, 2023.
Aron Goldfarb was running a leather apparel business, opened in 1956 in New York City's garment district, that specialized in men's bomber jackets when his 22-year-old son Morris joined the company in 1972.
- ^ Abbott, Robert (August 23, 2016). "A Growing Gap Between Earnings, Share Price at G-III". Yahoo News. Retrieved April 19, 2023.
1972: Under son Morris Goldfarb, the company begins diversifying by expanding its sourcing; G-III is one of the first American firms to import outerwear from South Korea.
- ^ Pederson, Jay P.; Derdak, Thomas (1998). International Directory of Company Histories. St. James Press. p. 222. ISBN 978-1-55862-363-7. Retrieved April 21, 2023.
Morris Goldfarb augmented the business (which was reorganized in 1974 as G-III Leather Fashions, Inc.) with overseas production facilities, selling moderately priced women's leather coats and jackets under the G-III label.
- ^ Pederson, Jay P.; Derdak, Thomas (1998). International Directory of Company Histories. St. James Press. p. 222. ISBN 978-1-55862-363-7. Retrieved April 21, 2023.
The company expanded its product lines and began selling higher priced, more fashion-oriented women's leather apparel under the Siena label in 1981.
- ^ "Skinned". Forbes. January 22, 2001. Retrieved March 27, 2023.
By 1986 G-III was turning a modest profit on revenues of $20 million.
- ^ Pederson, Jay P.; Derdak, Thomas (1998). International Directory of Company Histories. St. James Press. p. 222. ISBN 978-1-55862-363-7. Retrieved April 21, 2023.
By 1988 G-III was among the largest, if not the largest, independent importer and wholesaler of leather apparel in the United States.
- ^ Brescia, Joe (January 2, 2011). "Trading Uniform For a Clothing Line". The New York Times – via Nexis.
'I put together my first sample line back in 1988, showed it around and received a great response. I was granted a limited license from the National Football League at that time. Since then, it has grown into something full scale, G-III Sports by Carl Banks.'
- ^ Curan, Catherine (October 23, 2000). "G-III Apparel, once cold, is now hot winter item". Crain's New York Business – via Nexis.
By 1989, revenues totaled nearly $100 million, and G-III was ready to tap the public markets.
- ^ Gault, Ylonda (January 29, 1990). "Stretching Leather". Crain's New York Business – via Nexis.
Aside from its financial power, G-III has an industry following and relationships not easily quantified. G-III operates a 13-person branch office in Seoul, South Korea, to act as an intermediary between G-III and the various sources throughout Korea and Hong Kong. These loyalists in Korea are helpful in keeping G-III abreast of its competition.
- ^ Young, Vicki M (June 6, 2023). "Highlights From G-III Apparel Group's History". Women's Wear Daily. Retrieved November 3, 2023.
1989: G-III Apparel Group Ltd. incorporates in Delaware and becomes a publicly traded firm.
- ^ "G-III Apparel 2006 company profile edition 1: Key Events". Just - Style. August 2006 – via Nexis.
The year 1993 marked G-III's entry into the highly lucrative sports merchandise arena, when the company began to produce and distribute outerwear carrying the National Football League (NFL) logo.
- ^ "Go Team!". Women's Wear Daily. October 22, 1997 – via Nexis.
'I think many of the sports athletic producers are turning to outerwear because outerwear is no longer seen just as a functional piece of clothing,' said Jeanette Nostra, president of G-III Apparel Group, which produces leather and cloth outerwear for the NFL, NHL and NASCAR.
- ^ "G-III Apparel To Dissolve Exsto Brand". DNR. November 19, 1999 – via Nexis.
G-III currently has fashion licenses with Kenneth Cole Productions, Nine West Group and Tommy Hilfiger, a distribution agreement for Caterpillar young men's apparel, and licensing agreements with the National Football League, National Hockey League, National Basketball Association, Major League Baseball and more than 20 universities nationwide.
- ^ a b "Kenneth Cole Licenses G-III For Leather, Cloth Outerwear". Women's Wear Daily. December 12, 1995 – via Nexis.
G-III Apparel Group and Kenneth Cole Productions are teaming up for a new collection of leather and cloth outerwear. The licensing deal, announced Monday, calls for G-III to produce and market three labels bearing the Kenneth Cole name: Collection, New York and Reaction.
- ^ Kapner, Suzanne (November 10, 1997). "Troubles Mount at Nine West". TheStreet – via Nexis.
Slowing growth in the shoe business has prompted Nine West to join other brands in a licensing frenzy. The company already licenses sunglasses, socks, tights and jewelry. Friday it announced a deal with G-III Apparel Group (GIII:Nasdaq), which will develop Nine West outerwear.
- ^ "Cole-Haan's Coats". Women's Wear Daily. Gale Group, Inc. February 15, 2000 – via Nexis.
Cole-Haan and G-III Apparel Group said Monday they had entered into a licensing agreement for men's and women's leather and cloth outerwear and leather apparel bearing the Cole-Haan label. This is the license for Cole-Haan, which makes men's and women's footwear and accessories. The outerwear line will make its debut for fall 2000 at all Cole-Haan retail stores and at select stores with which Cole-Haan has an existing relationship, the companies said. Under a multiyear contract, G-III will handle all aspects of manufacturing, distribution, sales and marketing of the new line under the direction of Cole-Haan.
- ^ "David Samson '83, President of Miami Marlins, Elected as New Chair of the Cardoza Board of Overseers". Cardoza News. Benjamin N. Cardozo School of Law. June 5, 2014. Retrieved April 19, 2023.
Jeffrey Goldfarb is Director of Strategic Planning at G-III Apparel Group, which designs, manufactures, imports, and markets men and women's apparel. He joined G-III in 2002 and was named to his current position in 2004.
- ^ a b Zager, Masha (November 4, 2009). "Fashion "Melting Pot" G-III Diversifies Its Business". Retail Info Systems News. EnsembleIQ. Retrieved April 19, 2023.
- ^ Hartford, Teresa (July 18, 2005). "G-III Adds $100 Million to Top Line with Two Acquisitions". SGB Media. Retrieved April 19, 2023.
- ^ "Power 100". Daily News Record. Fairchild Publications. October 30, 2006 – via Nexis.
The company's acquisition earlier this year of Winlit Group brought Guess, Tommy Hilfiger and Ellen Tracy on board, and the purchase of Marvin Richards Ltd. added even more luster with Calvin Klein and St. John Knits. G-III, meanwhile, also has the nameplates for Sean John, Kenneth Cole, Cole Haan, Izod, Jones New York, Donald Trump, Pacific Trail and Nine West, in addition to its sports licensing division dating back to 1988, which includes the NFL, Major League Baseball, the National Basketball Association, the National Football League and the National Hockey League.
- ^ Abbott, Robert (August 23, 2016). "A Growing Gap Between Earnings, Share Price at G-III". Yahoo News. Retrieved April 19, 2023.
2007: Acquires Jessica Howard and Eliza J, which gives it a significant place in the dress market.
- ^ "UPDATE 1-G-III buys Wilsons Leather outlet stores, ups '09 view". Reuters. July 8, 2008. Retrieved April 19, 2023.
- ^ Zager, Masha (November 4, 2009). "Fashion "Melting Pot" G-III Diversifies Its Business". Retail Info Systems News. EnsembleIQ. Retrieved April 19, 2023.
By purchasing assets of Wilsons The Leather Experts, G-III gained 116 retail outlet stores in 35 states, an e-commerce operation, and a distribution center. This was the company's first large-scale venture into retail operation; today, the Wilsons Leather stores (now numbering 119) carry both the Wilsons Leather brand and many of G-III's leatherwear brands..
- ^ Feitelberg, Rosemary (February 12, 2008). "G-III Acquires Andrew Marc In $42M Deal". Women's Wear Daily. Retrieved April 19, 2023.
- ^ Palmieri, Jean (February 27, 2023). "G.H. Bass: The Reinvention of a Heritage Brand". Women's Wear Daily. Fairchild Publishing. Retrieved April 28, 2023.
But Morris Goldfarb, G-III's longtime chief executive officer, had seen the handwriting on the wall and had already begun diversifying the company's portfolio and focusing its efforts on its owned brands, including Vilebrequin, which it acquired in 2012, and Sonia Rykiel, which it bought in 2021.
- ^ Schwartz, Natalie (March 17, 2023). "G-III bets on Donna Karan and Nautica". Fashion Dive. Informa. Retrieved April 28, 2023.
- ^ Cabral, Alvin R. (May 2, 2022). "Fashion brand Karl Lagerfeld to be fully acquired by G-III Apparel Group in $210m deal". The National. International Media Investments. Retrieved April 28, 2023.
The deal will make the company the brand's sole owner, and will include Karl Lagerfeld's existing 10 per cent stake in its established joint venture in China. It will allow G-III to expand the fashion brand's presence in a number of geographic regions through partner-operated channels spanning digital, retail and licensing opportunities, G-III said.
- ^ "G-III buys luxury swimwear brand Vilebrequin for about $106 million". Reuters. August 8, 2012. Retrieved April 28, 2023.
- ^ Lipke, Jean (August 7, 2012). "G-III Buys Vilebrequin for $106M". Women's Wear Daily. Fairchild Publishing. Retrieved April 28, 2023.
Analyst Eric Beder of Brean Murray, Carret & Co. called the deal a positive in that it adds an international owned brand to the G-III portfolio, which is heavily concentrated in domestic licensed brands, particularly outerwear.
- ^ "G-III Apparel acquires G.H. Bass from PVH". Fashion Network. October 3, 2013. Retrieved April 28, 2023.
- ^ "Karl Lagerfeld to bring namesake brand to North America". FMD. June 9, 2015. Retrieved April 19, 2023.
- ^ Vidalon, Dominique; Wendlandt, Astrid (July 24, 2016). "LVMH sells loss-making Donna Karan to G-III in $650 million deal". Reuters. Retrieved April 19, 2023.
- ^ Lockwood, Lisa (September 23, 2021). "G-III Signs Agreement to Purchase Sonia Rykiel". Women's Wear Daily. Fairchild Publishing. Retrieved April 28, 2023.
- ^ Clark, Evan; Socha, Miles (May 22, 2022). "G-III Buying Full Control of Karl Lagerfeld". Women's Wear Daily. Retrieved April 19, 2023.
- ^ Lockwood, Lisa (March 16, 2023). "G-III Licenses Nautica Women's Apparel From Authentic Brands Group". Women's Wear Daily. Fairchild Publishing. Retrieved April 28, 2023.
- ^ Moin, David; Clark, Evan (June 26, 2023). "Halston Finds a New Home at G-III With Licensing Deal". Women's Wear Daily. Retrieved June 10, 2023 – via Yahoo.
- ^ a b Moin, David; Clark, Evan (June 6, 2023). "Halston Finds a New Home at G-III With Licensing Deal". Women's Wear Daily. Retrieved November 3, 2023.
G-III will design, produce and distribute all Halston categories and products — something that plays to strengths of the company, which topped first-quarter earnings expectations and upped its outlook for the year.
- ^ "Company Profile of G-III Apparel Group". Plus Company Updates. September 13, 2017 – via Nexis.
Almost immediately, G-III expanded its sourcing, becoming one of the first companies to import outerwear from South Korea.
- ^ Abbott, Robert (August 23, 2016). "A Growing Gap Between Earnings, Share Price at G-III". Yahoo News. Retrieved April 19, 2023.
This New York company began life as an outerwear wholesaler but in recent years has grown rapidly by licensing high profile apparel brands such as Calvin Klein and Tommy Hilfiger. It's also moved into retailing by acquiring the Wilsons Leather and G.H. Bass chains.
- ^ "G-III Apparel Group Ltd". Bloomberg. June 5, 2023. Retrieved September 13, 2023.
- ^ Braun, Jennifer (July 21, 2021). "Inter Parfums inks exclusive fragrance license with Donna Karan, DKNY Brands". Fashion Network. Retrieved September 14, 2023.
- ^ Socha, Miles (November 18, 2021). "Karl Lagerfeld's New Luxury Villas Will Gleam With Gold Dust". Women's Wear Daily. Retrieved September 15, 2023.
- ^ "G-III Apparel Group headquarters and office locations". Craft. Retrieved September 15, 2023.
- ^ "Form 10‑K". U.S. Securities and Exchange Commission. March 27, 2023. Retrieved September 15, 2023.
Our retail operations segment consists primarily of direct sales to consumers through our company-operated stores and through digital channels.
- ^ Abbott, Robert (August 23, 2016). "A Growing Gap Between Earnings, Share Price at G-III". Yahoo News. Retrieved April 19, 2023.
G-III also arranges production from independent manufacturers in China, Vietnam, Indonesia, India, Bangladesh and Central and South America. Vilebrequin's products are made in Bulgaria, Tunisia and Morocco
- ^ Clark, Evan (July 19, 2022). "How Morris Goldfarb Became a Fashion Constant". Women's Wear Daily. Retrieved September 12, 2023.
- ^ a b c d e f g h i j k l m n o p q r s t u v w x y z aa "Form 10-K". G-III. 2023. Retrieved September 1, 2023.
- ^ "Form 8‑K". U.S. Securities and Exchange Commission. July 28, 2020. Retrieved June 5, 2023.
- ^ a b "Karl Lagerfeld to bring namesake brand to North America". FMD. June 9, 2015. Retrieved April 19, 2023.
- ^ a b Clark, Evan; Socha, Miles (May 22, 2022). "G-III Buying Full Control of Karl Lagerfeld". Women's Wear Daily. Retrieved April 19, 2023.
- ^ Lockwood, Lisa (September 23, 2021). "G-III Signs Agreement to Purchase Sonia Rykiel". Women's Wear Daily. Fairchild Publishing. Retrieved April 28, 2023.
- ^ a b Vidalon, Dominique; Wendlandt, Astrid (July 24, 2016). "LVMH sells loss-making Donna Karan to G-III in $650 million deal". Reuters. Retrieved April 19, 2023.
- ^ "G-III Apparel acquires G.H. Bass from PVH". Fashion Network. October 3, 2013. Retrieved April 28, 2023.
- ^ "G-III buys luxury swimwear brand Vilebrequin for about $106 million". Reuters. August 8, 2012. Retrieved April 28, 2023.
- ^ Feitelberg, Rosemary (February 12, 2008). "G-III Acquires Andrew Marc In $42M Deal". Women's Wear Daily. Retrieved April 19, 2023.
- ^ "UPDATE 1-G-III buys Wilsons Leather outlet stores, ups '09 view". Reuters. July 8, 2008. Retrieved April 19, 2023.
- ^ a b "G-III buys some assets of Jessica Howard, Industrial Cotton". Reuters. May 24, 2007. Retrieved April 19, 2023.
- ^ a b "G-III Apparel Group, Ltd. Signs Expanded License With NFL". SGB Media. October 14, 2010. Retrieved May 23, 2023.
G-III has been a licensee of the NFL since 1988.
- ^ a b Brescia, Joe (January 2, 2011). "Trading Uniform For a Clothing Line". The New York Times – via Nexis.
'I put together my first sample line back in 1988, showed it around and received a great response. I was granted a limited license from the National Football League at that time. Since then, it has grown into something full scale, G-III Sports by Carl Banks.'
- ^ a b "G-III Group signs apparel license for Converse". The Spin Off. September 6, 2024. Retrieved January 27, 2025.
- ^ a b Fitzgerald, Benjamin (September 8, 2023). "G-III Apparel Q2 sales exceed expectations, inks new licensing deal for Champion". Fashion Network. Retrieved January 2, 2024.
- ^ a b Moin, David; Clark, Evan (June 26, 2023). "Halston Finds a New Home at G-III With Licensing Deal". Women's Wear Daily. Retrieved June 10, 2023 – via Yahoo.
- ^ a b Lockwood, Lisa (March 16, 2023). "G-III Licenses Nautica Women's Apparel From Authentic Brands Group". Women's Wear Daily. Fairchild Publishing. Retrieved April 28, 2023.
- ^ "Margaritaville". G-III. Retrieved May 23, 2023.
- ^ Ryan, Thomas J. (September 16, 2010). "G-III Apparel Forms Joint Venture With The Camuto Group". SGB Media. Retrieved May 23, 2023.
- ^ "Vince Camuto". G-III. Retrieved May 23, 2023.
- ^ a b Ryan, Thomas J. (February 11, 2008). "G-III Acquires Andrew Marc". SGB Media. Retrieved May 23, 2023.
- ^ a b Hartford, Teresa (July 18, 2005). "G-III Adds $100 Million to Top Line with Two Acquisitions". SGB Media. Retrieved April 19, 2023.
- ^ a b "Power 100". Daily News Record. Fairchild Publications. October 30, 2006 – via Nexis.
The company's acquisition earlier this year of Winlit Group brought Guess, Tommy Hilfiger and Ellen Tracy on board, and the purchase of Marvin Richards Ltd. added even more luster with Calvin Klein and St. John Knits. G-III, meanwhile, also has the nameplates for Sean John, Kenneth Cole, Cole Haan, Izod, Jones New York, Donald Trump, Pacific Trail and Nine West, in addition to its sports licensing division dating back to 1988, which includes the NFL, Major League Baseball, the National Basketball Association, the National Football League and the National Hockey League.
- ^ "G-III, NASCAR Team Up" (Press release). G-III. May 24, 2004 – via Nexis.
- ^ "G-III Apparel Teams With Major League Baseball to Produce Outerwear Collection". G-III. September 30, 1999. Retrieved April 21, 2023.
- ^ "G-III Apparel Group, Ltd. Announces Licensing Agreement With National Basketball Association" (Press release). G-III. April 7, 1998 – via Nexis.
- ^ Pederson, Jay P.; Derdak, Thomas (1998). International Directory of Company Histories. St. James Press. p. 222. ISBN 978-1-55862-363-7. Retrieved April 21, 2023.
This line debuted in 1996, the year G-III also entered into an agreement with the National Hockey League to market a line of outerwear apparel with the NHL team logos.
- ^ the Associated Press (2007-02-24). "Retailers pull fur-trimmed coats after dog hair is found". Los Angeles Times. Retrieved 2017-06-13.
- ^ Arwa Mahdawi (2017-03-29). "Our self-styled feminist CEOs aren't as empowering as we thought | Arwa Mahdawi | Opinion". The Guardian. Archived from the original on 2017-06-13. Retrieved 2017-06-13.
{{cite web}}: CS1 maint: bot: original URL status unknown (link) - ^ Joanna Walters (2017-05-01). "Brand Ivanka: inside the tangled empire of the president's closest ally | US news". The Guardian. Archived from the original on 2017-06-08. Retrieved 2017-06-13.
{{cite web}}: CS1 maint: bot: original URL status unknown (link) - ^ Harwell, Drew (25 April 2017). "Workers endured long hours, low pay at Chinese factory used by Ivanka Trump's clothing-maker". Washington Post. Retrieved 31 August 2024.
- ^ Krithika Varagur in Subang, West Java (2017-06-13). "Revealed: reality of life working in an Ivanka Trump clothing factory | US news". The Guardian. Retrieved 2017-06-13.
External links
[edit]- Official website
- Business data for G-III Apparel Group:
G-III Apparel Group
View on Grokipediafrom Grokipedia
G-III Apparel Group, Ltd. is a Delaware corporation that designs, sources, manufactures, distributes, and markets a broad range of apparel products, including outerwear, sportswear, dresses, and accessories, primarily for women and men under owned and licensed brands.[1][2]
The company maintains a portfolio exceeding 30 brands, with owned labels such as DKNY, Donna Karan, Karl Lagerfeld, and Vilebrequin, alongside licenses for established names like Calvin Klein, Tommy Hilfiger, Champion, and Nautica.[3][4]
Tracing its origins to 1956, when Holocaust survivor Aron Goldfarb established the foundational women's leather outerwear business in New York, G-III formalized as a corporation in 1989 while conducting operations since 1974, evolving from outerwear specialization to a global entity with manufacturing partners across more than 40 countries and distribution to over 1,600 customers worldwide.[5][6][7]
Key milestones include aggressive licensing expansions in the 1990s with brands like Kenneth Cole and the 2016 acquisitions of DKNY and Donna Karan, which bolstered its full-lifestyle offerings and contributed to sustained sales growth in core segments.[5][2][8]
Strategic initiatives emphasized shifting toward owned brands like DKNY and Karl Lagerfeld, which grew to represent over half of sales by fiscal 2025, alongside licensed expansions such as new agreements for Converse apparel and BCBGMaxAzria dresses launching in fall 2025.[2] The company pursued global diversification, with international sales reaching 23% of total in fiscal 2025, bolstered by a €77.1 million investment for an 18.7% stake in AWWG in mid-2024 to enhance European operations and an acquisition of full interest in Karl Lagerfeld's parent in 2022.[2] Additional efforts included the spring 2024 relaunch of Donna Karan, focusing on premium department store and digital channels with improved average unit retail and sell-through rates, and amendments to its asset-based lending facility in June 2024 to extend maturity to 2029 with up to $700 million in capacity for operational flexibility.[2] These measures aimed at omnichannel growth, retail optimization, and risk mitigation amid wholesale market volatility.[40]
The leadership structure emphasizes family involvement, with the Goldfarb family holding significant influence through executive roles and board positions, contributing to continuity in decision-making amid industry volatility.[42]
History
Founding and Early Development
G-III Apparel Group traces its origins to 1956, when Aron Goldfarb established a leather apparel business in New York City's garment district, initially specializing in moderately priced men's bomber jackets.[9][10] The company operated as a small outerwear manufacturer, focusing on leather products sourced and produced domestically during its formative years.[9] In 1974, Morris Goldfarb, son of Aron Goldfarb, joined the firm and spearheaded its reorganization as G-III Leather Fashions, Inc., shifting emphasis toward women's apparel and international operations.[5][9] Under Morris Goldfarb's leadership, the company expanded its product line to include moderately priced women's leather coats and jackets sold under the G-III label, while establishing overseas production facilities to enhance sourcing efficiency and cost control.[9] This period marked a transition from a niche men's outerwear focus to broader leather goods distribution, with women's products comprising the majority of sales by the late 1980s.[9] By 1981, G-III introduced the Siena label for higher-priced, fashion-oriented women's leather apparel, diversifying its offerings amid growing demand for stylish outerwear.[9] The company solidified its position as a leading U.S. importer and wholesaler of leather apparel by 1988, reporting fiscal year sales of $50 million and net income of $2.7 million, up from $30.3 million in sales and $727,000 in net income the prior year.[9] These gains reflected effective strategies in product expansion and global supply chain development, though the firm remained undercapitalized relative to its growth trajectory.[9]Initial Public Offering and Expansion (1989–2004)
In August 1989, G-III merged with Ante Corp. and was renamed G-III Apparel Group, Ltd., with Ante shareholders receiving 15% of the new entity's stock; this restructuring facilitated its transition to a publicly traded company.[11] For fiscal year 1989, ending July 31, G-III reported net sales of $98.8 million and net income of $9.5 million, reflecting strong performance in leather outerwear.[11] In December 1989, the company conducted a secondary public offering that raised approximately $18 million at $13 per share, listing on the NASDAQ under the ticker GIII, with CEO Morris Goldfarb holding 39% ownership and Aron Goldfarb 18%.[11][12] Following the IPO, G-III pursued aggressive expansion, opening a Seoul office with 13 staff members and a Los Angeles showroom in 1990 to enhance sourcing and sales reach, while launching the J.L. Colebrook textile line for diversified outerwear.[11] Revenues surged to $161.9 million in fiscal 1990, with net income at $9.6 million, supported by a customer base growing to about 2,000 from 1,000 the prior year; major client The Limited represented 32% of sales.[11] By 1993, G-III formed Global Apparel Sourcing Ltd. for improved supply chain efficiency and secured a licensing agreement with NFL Properties in September for leather outerwear, marking entry into sports apparel.[11] In 1994, amid net sales of $208.9 million but reduced net income of $1.3 million due to competitive pressures, the company opened six retail outlet stores, a 30,000-square-foot Manhattan showroom, and a China joint venture holding 39% ownership to bolster manufacturing capacity.[11] The mid-1990s saw G-III navigate industry downturns, reporting a $11.7 million loss on $171.4 million in sales for fiscal 1995, followed by a small $397,000 loss on $121.7 million in 1996, prompting a merger of its leather and textile divisions for cost synergies.[11] Expansion continued through licensing, including a December 1995 deal with Kenneth Cole Productions for outerwear and a 1996 agreement with NHL for similar products; throughout the decade, G-III secured additional outerwear licenses with brands such as Nine West and Cole Haan to leverage recognizable names amid softening demand for private-label goods.[11][5][13] By fiscal 1997, recovery yielded $3.1 million net income on $117.7 million sales across 2,300 customers, aided by a joint venture with BET Holdings for urban apparel lines.[11] Into the early 2000s, G-III further diversified its portfolio with a January 2001 licensing agreement with Jones Apparel Group for Jones New York and JNY outerwear, enhancing distribution through department stores. This period solidified G-III's shift from primarily private-label leather goods to a mix of licensed branded products, with international sourcing comprising a significant portion of production—approximately 68% in fiscal 1989, rising with facilities in China and Asia—to maintain margins despite U.S. market volatility.[14] By fiscal 2004, these strategies positioned G-III for sustained growth in fashion sports apparel, though subject to seasonal and economic fluctuations.[15]Acquisitions, Licensing Deals, and Recent Growth (2005–Present)
In July 2005, G-III acquired Marvin Richards and the operating assets of Winlit Group, Ltd., thereby obtaining licenses for outerwear under brands such as Calvin Klein, Guess, St. John Knits, Tommy Hilfiger, and Ellen Tracy.[16] [5] These transactions, valued at approximately $56 million in combined consideration, enabled G-III to enter the better outerwear market and diversify beyond its prior focus on moderate-priced apparel. Subsequent expansions included the 2007 acquisition of assets from Jessica Howard, Ltd. and Industrial Cotton, Inc., which bolstered G-III's dress and sportswear capabilities.[17] In the 2010s, licensing agreements grew to encompass new categories, such as an expanded NFL outerwear license in October 2010 granting rights for mass-market and mid-tier distribution, Champion outerwear, and Calvin Klein accessories including handbags, small leather goods, and luggage. [18] Additional deals covered Ivanka Trump women's apparel starting in December 2012 and Vince Camuto apparel from 2008.[19] These arrangements facilitated entry into handbags, sportswear, and accessories, contributing to portfolio broadening amid rising demand for branded lifestyle products.[5] A pivotal shift occurred in December 2016 with the $650 million acquisition of Donna Karan International, Inc., which included ownership of the DKNY and Donna Karan brands and their associated intellectual property. This deal transitioned G-III toward greater control over owned brands, adding full-spectrum apparel, accessories, and licensing revenue streams previously managed under PVH Corp. Further licensing included Tommy Hilfiger womenswear in the U.S. and Canada from February 2016. In June 2022, G-III acquired the remaining 81% interest in Karl Lagerfeld for €200 million, securing full ownership of the brand and enhancing its European operations and international design expertise.[20] [21] Recent developments feature license renewals for Levi's and Dockers outerwear through November 2024 and a new multi-year agreement in April 2025 for G.H. Bass footwear, bags, and small leather goods with the ALDO Group. [22] These moves, alongside extensions for Calvin Klein and Tommy Hilfiger through 2025–2027, have supported sustained expansion into owned assets and global markets, driving revenue diversification from $240 million in 2005 to multi-billion-dollar scale by leveraging branded outerwear and accessories amid shifting consumer preferences.[13] [23]Business Model and Operations
Product Design and Sourcing
G-III Apparel Group employs in-house design teams that handle the aesthetic and functional development of apparel for its owned brands, such as DKNY and Karl Lagerfeld, as well as licensed brands like Calvin Klein and Tommy Hilfiger, and private label offerings.[21] These teams adopt a merchant-driven approach, utilizing trend forecasting services to align products with market demands across categories including outerwear, dresses, sportswear, and accessories, targeting varied price points for wholesale and retail segments.[24] [21] For licensed products, designers collaborate directly with brand licensors to adhere to specific guidelines, ensuring fidelity to the licensor's vision while incorporating retailer input for customized assortments.[21] The company integrates design with broader product operations, including sales, merchandising, planning, and allocation, to optimize assortments throughout the product lifecycle.[24] This process emphasizes flexibility, enabling rapid adaptation to consumer preferences and retailer specifications, such as through collaborative design sessions with major department stores.[21] G-III outsources all manufacturing to independent third-party vendors, with no owned production facilities, focusing instead on a diversified global sourcing network to secure high-quality goods at competitive costs.[21] [7] In fiscal year 2025, ending January 31, 2025, approximately 76% of sourcing occurred in Asia, with Vietnam accounting for 35.2% of purchases, China for 33%, and smaller shares from Indonesia, Jordan, and Bangladesh; two Vietnamese vendors supplied 21.7% and 18.0% of total purchases, respectively, while one Chinese vendor provided 14.7%.[21] Products are procured primarily as finished goods via purchase orders denominated in U.S. dollars, with G-III coordinating raw material sourcing to maintain cost efficiency and mitigate currency risks, though no long-term contracts exist with suppliers.[21] To enforce quality and compliance, G-III conducts inspections at various production stages and maintains offices in sourcing hubs including China, Hong Kong, Vietnam, Indonesia, Jordan, and Bangladesh for on-site monitoring.[21] Vendor relationships, cultivated over four decades, are governed by a Vendor Code of Conduct emphasizing ethical labor, safety, and environmental standards, supported by annual audits and training programs to reduce supply chain risks such as disruptions from geopolitical events or port delays.[21] This infrastructure enables consolidation of suppliers where feasible, enhancing resilience amid challenges like Red Sea routing issues and elevated freight costs observed in recent years.[21]Manufacturing and Supply Chain Management
G-III Apparel Group does not own or operate any manufacturing facilities, outsourcing all production to a network of independent third-party manufacturers located primarily in Asia.[2] In fiscal year 2025, approximately 76% of its products were sourced from Vietnam (35%), China (33%), and Indonesia, with the company maintaining sourcing offices in China, Hong Kong, Vietnam, Indonesia, Jordan, and Bangladesh to oversee production quality, compliance, and delivery timelines.[2] Purchases are made on a finished-goods basis without long-term contracts, enabling flexibility, though key vendors accounted for significant portions of fiscal 2025 procurement: two in Vietnam at 21.7% and 18.0%, and one in China at 14.7%.[2] The company's supply chain spans manufacturing partners in over 40 countries, concentrated in Southeast Asia, China, the Middle East, and Central and South America, supporting distribution to more than 1,600 global customers.[7] Vendors are required to comply with G-III's Vendor Code of Conduct, which mandates adherence to local laws and international standards prohibiting child or forced labor, ensuring minimum age requirements of 15 or completion of compulsory education, fair wages meeting or exceeding legal minimums, and workweeks not exceeding 48 regular hours plus 12 overtime hours with premium pay.[25] Additional provisions cover non-discrimination, freedom of association, safe working conditions with injury compensation, and environmental compliance to minimize impacts; G-III enforces these through internal or third-party audits, facility access, and record retention for at least 12 months.[2][25] Vendors must also meet U.S. Customs-Trade Partnership Against Terrorism (C-TPAT) security standards.[2] Supply chain management emphasizes diversification to avoid dependency on any single vendor or region, bolstered by long-term trust-based relationships developed over four decades.[2] Goods are shipped F.O.B., with risk transferring to G-III upon handover to carriers, and the company coordinates raw material sourcing while monitoring for disruptions.[2] Recent challenges include a 10% additional U.S. tariff on Chinese imports imposed in February 2025, potentially escalating costs given China's sourcing share, alongside global issues such as Red Sea shipping disruptions, port congestion, U.S./Canada port strikes, and Panama Canal constraints, which have caused delays but not materially impacted sales.[2] G-III prioritizes mitigating forced labor risks through collaboration with supply chain partners, reflecting broader industry efforts amid ongoing vulnerabilities to geopolitical instability, trade policies, and environmental factors.[2]Distribution, Marketing, and Retail Partnerships
G-III Apparel Group distributes its apparel and accessories primarily through wholesale channels to over 1,600 customers worldwide, encompassing brick-and-mortar stores, department stores, and digital platforms operated by retail partners.[7] This wholesale model accounts for the majority of its sales, with products reaching consumers via premier department stores and specialty retailers that carry its licensed and owned brands.[2] The company supplements wholesale distribution with its own direct-to-consumer channels, including e-commerce sites for select brands and a network of company-operated retail stores, such as Wilsons Leather outlets focused on outerwear and G.H. Bass locations.[26] These owned retail operations, acquired or expanded in prior years, provide an additional outlet for excess inventory and brand-specific merchandising while serving as testing grounds for new product lines.[27] In terms of retail partnerships, G-III maintains long-term relationships with major department store chains and specialty retailers, enabling broad market penetration for brands like DKNY and Karl Lagerfeld Paris, where it has expanded wholesale presence since acquiring full ownership of DKNY in 2016.[2] Strategic licensing agreements further bolster these partnerships; for instance, in April 2025, G-III partnered with the ALDO Group subsidiary APS to design, manufacture, and distribute G.H. Bass footwear, bags, and small leather goods, leveraging ALDO's retail network.[22] Similarly, collaborations such as the outerwear production deal with Cole Haan involve G-III handling manufacturing and distribution under the partner's brand direction, integrating products into Cole Haan's retail ecosystem. These alliances emphasize co-branded distribution without G-III owning the retail infrastructure, allowing focus on supply chain efficiency over store operations. Marketing efforts at G-III center on multi-channel strategies that combine digital platforms, social media, and traditional retail activations to enhance brand visibility and drive sales across wholesale and direct channels.[28] The company invests in e-commerce enhancements, such as advanced customer relationship management (CRM) systems for DKNY and Karl Lagerfeld Paris, to personalize online experiences and boost direct-to-consumer traffic.[29] Campaigns often feature targeted promotions like pop-up shops in luxury department stores and collaborations with emerging models to appeal to younger demographics, as seen in a September 2024 initiative for European markets.[30] Overall, marketing prioritizes building long-term brand equity through global recognition, supported by data-driven analytics to optimize wholesale partner promotions and digital advertising spend.[4] This approach aligns with seasonal retail patterns, intensifying efforts around peak apparel sales periods to maximize distribution efficiency.[21]Brand Portfolio
Owned Brands
G-III Apparel Group owns a portfolio of apparel and accessories brands, primarily focused on outerwear, sportswear, footwear, and luxury fashion segments. Key owned brands include DKNY and Donna Karan, which were acquired from PVH Corp. in December 2016 for approximately $140 million, enabling G-III to control design, production, and distribution of these New York-based labels known for urban and evening wear.[4] In June 2022, G-III completed the acquisition of the Karl Lagerfeld brand from Otb Group for about €600 million (approximately $640 million), adding a global luxury label with emphasis on ready-to-wear, accessories, and licensing extensions into menswear and childrenswear.[31][4] This purchase expanded G-III's presence in Europe and Asia, with Karl Lagerfeld generating over €300 million in annual retail sales prior to acquisition.[31] Vilebrequin, a French swimwear and resort brand founded in 1971, has been owned by G-III since its acquisition in 2012, specializing in high-end men's and women's beachwear sold through boutiques and department stores worldwide.[4][32] G.H. Bass, an American footwear brand established in 1876 and known for loafers and casual shoes, was acquired in 2016 as part of the PVH deal, complementing G-III's accessories lineup.[4] Other owned brands encompass Sonia Rykiel, purchased in September 2021 to bolster French luxury offerings with knitwear and womenswear; Andrew Marc, a leather outerwear label acquired in the early 2000s; and proprietary lines like Eliza J, Jessica Howard for dresses, and G-III Sports by Carl Banks for sportswear.[33][2] These brands contribute to G-III's vertical integration, with owned labels representing a growing share of revenue through direct-to-consumer channels and wholesale partnerships.[34]Licensed Brands
G-III Apparel Group maintains licenses for more than 20 brands, primarily in outerwear, sportswear, and accessories, which form a significant portion of its revenue through design, production, and distribution rights under established trademarks. These agreements typically mandate minimum net sales targets, guaranteed royalty payments, and marketing expenditures, with terms varying from multi-year extensions to category-specific scopes like men's and women's apparel for global or regional markets.[2] The portfolio emphasizes partnerships with lifestyle, athletic, and designer labels, allowing G-III to capitalize on brand recognition while navigating renewal risks and performance clauses.[35] Prominent licensed brands include Calvin Klein and Tommy Hilfiger, for which G-III secured extensions in November 2022 from PVH Corp. as part of a multi-year transition to consolidate control, covering outerwear and related categories distributed through department stores and specialty retailers.[23] In September 2023, G-III entered a strategic multi-year deal with HanesBrands for Champion and C9 Champion outerwear, targeting design and global distribution to mass-market channels.[36] The company expanded into footwear-adjacent licensing in April 2025 with ALDO Group for G.H. Bass bags and small leather goods, complementing its apparel focus.[22] Additional licenses encompass Converse, signed in fiscal 2025 for men's and women's apparel worldwide; Nautica, acquired in March 2023 from Authentic Brands Group for North American outerwear distribution; and Halston, renewed in 2023 for similar categories.[37][21] G-III also holds rights for sports-oriented apparel under major leagues, including an expanded National Football League agreement for outerwear at mass-market and mid-tier retailers, alongside deals with the National Basketball Association, National Hockey League, and Major League Baseball. Other active licenses feature BCBG for women's apparel, Levi's for select outerwear lines, and legacy brands like Guess? and Kenneth Cole for specified product segments, though some have faced non-renewal or category limitations in recent years.[35] These arrangements underscore G-III's strategy of balancing high-volume licensing with owned brands to mitigate dependency on any single partner.[2]Financial Performance
Historical Revenue and Profit Trends
G-III Apparel Group's revenue grew rapidly in its early public years, with net sales rising from $98.8 million in fiscal 1989 to $161.9 million in fiscal 1990, supported by expanded leather and outerwear offerings. Net income paralleled this expansion, increasing to $9.6 million in fiscal 1990 from $9.5 million the prior year.[11] This growth reflected the company's shift toward branded apparel and international sourcing post-IPO.[11] The mid-1990s brought challenges from industry oversupply and retail consolidation, leading to revenue contraction to $117.7 million by fiscal 1997 and cumulative net losses exceeding $12 million in fiscal 1995 and 1996.[11] Recovery followed through cost reductions and selective licensing, enabling revenue rebound into the 2000s. By fiscal 2022, annual revenue had scaled to $2.767 billion, driven by portfolio expansion including major licenses like Calvin Klein and Tommy Hilfiger.[38] Fluctuations persisted, with fiscal 2023 peaking at $3.227 billion before a slight dip to $3.098 billion in fiscal 2024 and recovery to $3.181 billion in fiscal 2025.[38][1] Profit trends exhibited greater volatility than revenue, tied to apparel sector cycles, inventory management, and acquisition integration costs. Early profitability eroded in the 1990s downturn, but long-term net margins stabilized around 5-6% in expansion phases, with fiscal 2024 net income reaching $193.6 million amid operational efficiencies.[39] Economic pressures, such as the COVID-19 pandemic, contributed to variability, though overall earnings growth aligned with revenue scaling from under $100 million in 1989 to hundreds of millions annually by the 2020s.[11][1]Recent Fiscal Results and Strategic Initiatives (2010s–2025)
G-III Apparel Group's net sales grew from $1.40 billion in fiscal 2011 to $2.99 billion in fiscal 2019, reflecting expansion through licensing agreements and acquisitions before the COVID-19 pandemic disrupted operations, leading to a decline to $1.85 billion in fiscal 2021.[38] Post-pandemic recovery drove sales to $3.23 billion in fiscal 2023, followed by $3.10 billion in fiscal 2024 and $3.18 billion in fiscal 2025 (ended January 31, 2025), with owned brands comprising 52% of fiscal 2025 sales compared to licensed brands at 48%.[2] Gross margins improved to 40.8% in fiscal 2025 from 40.1% in fiscal 2024, supported by higher full-price selling and supply chain efficiencies, while the retail segment reduced operating losses to $14.0 million from $30.5 million year-over-year.[2]| Fiscal Year | Net Sales ($B) | Gross Profit Margin (%) | Key Notes |
|---|---|---|---|
| 2023 | 3.23 | N/A | Peak pre-slight dip; licensed sales 58.6% of total.[2] |
| 2024 | 3.10 | 40.1 | Retail losses $30.5M; international sales growth.[2] |
| 2025 | 3.18 | 40.8 | Owned brands 52%; international $0.72B (23% of total).[2] |
Leadership and Governance
Key Executives and Founders
G-III Apparel Group was founded in 1956 by Aron Goldfarb, a Holocaust survivor from Poland who established a leather apparel business in New York City's Garment District.[41] [42] His son, Morris Goldfarb, assumed leadership in 1972, transforming the company from a small outerwear operation into a multinational enterprise through acquisitions, licensing deals, and brand expansions.[41] Morris Goldfarb has served as Chairman and Chief Executive Officer since 2001, directing overall strategy, major licensing agreements, and global operations; his fiscal 2025 compensation totaled $16,652,646, reflecting performance-based incentives tied to revenue and profitability metrics.[42] [43] Sammy Aaron, a long-term executive, holds the positions of Vice Chairman and President, focusing on operational oversight and brand management; his fiscal 2025 compensation was $8.81 million.[42] [44] Other key executives include Neal S. Nackman, Chief Financial Officer and Treasurer since 2015, responsible for financial reporting, treasury functions, and investor relations, with fiscal 2025 compensation of $1.78 million.[42] [44] Dana M. Perlman serves as Chief Growth and Operations Officer, managing supply chain, digital initiatives, and expansion strategies.[42] Jeffrey Goldfarb, son of Morris Goldfarb, is Executive Vice President, involved in design and product development.[45]| Executive | Position | Key Responsibilities |
|---|---|---|
| Morris Goldfarb | Chairman and CEO | Strategic direction, licensing, global operations[42] |
| Sammy Aaron | Vice Chairman and President | Operational oversight, brand management[42] |
| Neal S. Nackman | CFO and Treasurer | Financial reporting, treasury, investor relations[42] |
| Dana M. Perlman | Chief Growth and Operations Officer | Supply chain, digital growth, expansions[42] |
| Jeffrey Goldfarb | Executive Vice President | Design, product development[45] |