Fashion conglomerate G-III has announced it has completed the acquisition of the Karl Lagerfeld brand, securing the remaining 81 percent to become the sole owner.
Snapping up the iconic label in a 200 million euro deal (approximately 214 million dollars), the group purchased the remaining stake from a group of private and public investors.
The Lagerfeld brand joins the group’s prestigious portfolio of global labels, including the likes of DKNY, Donna Karan, Calvin Klein and Tommy Hilfiger. The firm also has fashion licences under Levi’s, Guess? and Dockers brands.
According to G-III, the acquisition, which was revealed back in early May, is expected to add an excess of 200 million dollars in initial annual sales, with Karl Lagerfeld’s current leadership team set to continue leading the company.
At the time of the announcement, Karl Lagerfeld CEO, Pier Paolo Righi, said in a statement: “As proud custodians of Karl Lagerfeld’s legacy, we are guided by his mantra to ‘embrace the present and invent the future’, and I am looking forward to building the future of his namesake brand with the combined strength of our team and G-III’s expertise in the industry.”