G-III (New York) has acquired the remaining 81 percent interest in the formerly Amsterdam-based brand Karl Lagerfeld, according to Retail Dive. The deal was reportedly made for $210 million and will give G-III full control of the brand (it previously acquired 19 percent in 2016).
The company’s Chief Financial Officer Neal Nackman said during a conference call Monday, “It’s been developing nicely … We certainly have some concerns about the overall environment, but we’re really planning for the future. And this seemed like a good time for us.”
The company’s goal now is to drive growth in digital as well as retail and wholesale. It’s also hoping to grow categories and licensing opportunities as well as expand its overall reach. “Retail growth will be an important part of the growth we’ve been looking at, specifically direct to consumer is also a big part of it,” Nackman says.