LVMH Is Selling Donna Karan to G-III Apparel in $650 Million USD Deal
New designers Maxwell Osborne and Dao-Yi Chow had a “disappointing performance.”
According to Business of Fashion, luxury conglomerate LVMH is selling Donna Karan International to G-III Apparel Group Ltd. The $650 million USD deal is a decision to “get get rid of a problem at a time when the market is tough,” wrote Luca Solca, an analyst at Exane BNP Paribas.
G-III plans to take on debt to back the acquisition and the transaction is expected to be completed early next year. It’s reported that the company decided to sell after a “disappointing performance” under new creative designers Maxwell Osborne and Dao-Yi Chow. There’s not been any word about their stance on the acquirement.
- Business Of Fashion