G-III Apparel Group

Last updated
G-III Apparel Group, Ltd.
FormerlyG&N Sportswear, G-III Leather Fashions, Inc
Company type Public
Nasdaq:  GIII
S&P 600 component
IndustryFashion, apparel, accessories
Founded1956;68 years ago (1956)
FounderAron Goldfarb
Headquarters
New York City, U.S. [1]
Key people
ProductsApparel and accessories
RevenueUS$3.23bn (FY 2023)
Number of employees
3,600 full time; 1,100 part-time [4]  (2023)
Website giii.com

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.

Contents

History

Early history

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)

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)

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

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

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:

NameOwned or licensedAcquired in
Karl Lagerfeld Owned [54] 2022 [56] [57]
Sonia Rykiel Owned [54] 2021 [58]
Donna Karan New York Owned [54] 2016 [59]
DKNY Owned [54] 2016 [59]
Karl Lagerfeld Paris Owned [54] 2015 [56] [57]
G.H. Bass Owned [54] 2013 [60]
Vilebrequin Owned [54] 2012 [61]
Andrew Marc Owned [54] 2008 [62]
Wilsons Leather Owned [54] 2008 [63]
Eliza JOwned [54] 2007 [64]
Jessica HowardOwned [54] 2007 [64]
G-III SportsOwned [54] 1988 [65] [66]
Champion Licensed [67] 2023 [67]
Halston Licensed [68] 2023 [68]
Nautica Licensed [69] 2023 [69]
Margaritaville Licensed [54] 2021 [70]
Vince Camuto Licensed [54] 2011 [71] [72]
Dockers Licensed [54] 2008 [73]
Levi's Licensed [54] 2008 [73]
Calvin Klein Licensed [54] 2005 [74]
Cole Haan Licensed [54] 2005 [75]
Tommy Hilfiger Licensed [54] 2005 [74]
NASCAR Licensed [54] 2004 [76]
Major League Baseball Licensed [54] 1999 [77]
National Basketball Association Licensed [54] 1998 [78]
National Hockey League Licensed [54] 1996 [79]
Kenneth Cole Licensed [54] 1995 [75]
National Football League Licensed [54] 1988 [65] [66]

Welfare concerns

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. [80] [81] [82] 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. [83] A 2017 report by the Guardian on a contracted factory in Indonesia found extremely low wages and unpaid overtime. [84]

See also

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References

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  8. 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.
  9. 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.
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  11. 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.
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  14. 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.'
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  17. 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.
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  19. "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.
  20. "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.
  21. 1 2 "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.
  22. 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.
  23. "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.
  24. "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.
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  28. 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.
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  44. 1 2 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.
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