The transaction is expected to close by the end of October 2021, the two companies said in a joint media release.
Rikiel is known as one of the leading fashion leaders in Paris, creating an iconic brand that captures the spirit of modern women.
The G-III Apparel Group designs, procures and sells apparel and accessories under its own, licensed and private label brands and has announced an agreement to purchase Sonia Rykiel, a European luxury fashion brand. G-III plans to accelerate brand renewal, primarily in Europe, in the fall of 2022 with a multi-category collection.
Morris Goldfarb, Chairman and Chief Executive Officer of G-III, “I am very pleased to have purchased the Sonia Rykiel brand. This will allow us to expand into even more luxurious spaces. The untapped potential of this brand to accelerate our global reach. We believe there is a great opportunity to unleash our existing European-based business management team and infrastructure, as well as our G-III supply chain expertise in apparel, accessories and more. Expand and grow Sonia Rykiel business across many lifestyle categories. “
Eric and Michael Dayan, current owners of Sonia Rykiel “We are proud to be part of this brand with a deep French tradition and to be the driving force behind the renewal. The brand is globally recognized as the new owner and steward of the Sonia Rykiel brand. We are thrilled to find G-III, a true apparel and accessories powerhouse with a strong portfolio, due to G-III’s dominance in diverse lifestyle categories and its wide range of established retail partners. We see a bright future for the growth of the Sonia Rykiel brand. We are confident that the G-III will bring the iconic Sonia Rykiel brand to its global potential. “
Fiber2Fashion News Desk (KD)
US G-III Apparel Acquires European Luxury Brand Sonia Rykiel
Source link US G-III Apparel Acquires European Luxury Brand Sonia Rykiel