If you ever wondered how big the KARL LAGERFELD brand is, well, this should put a few things into prospective for you.
The owners of iconic fashion label KARL LAGERFELD, have sold a majority stake to American fashion apparel group G-III, for 210 million US dollars!
G-III agreed to buy the 81 percent of KARL LAGERFELD from a group of private and public investors led by Fred Gehring of Amlon Capital. G-III had previously bought a 19 percent stake in 2016 and also formed a joint venture in North America the year before. Today G-III nows owns the remaining 81 per cent of the business to become its sole owner.
However, given G-III’s experience of working with KARL LAGERFELD over the years, they have said, “Karl Lagerfeld was an icon of the fashion industry. His namesake brand embodies his spirit as a designer while also appealing to a broad range of consumers throughout the world. We have great respect for Karl Lagerfeld’s experienced and talented leadership team, led by Pier Paolo Righi, with whom we have worked closely for the last seven years. This team, combined with G-III’s expertise, is expected to unlock more of the brand’s global potential, which we believe represents a retail sales opportunity in excess of $2 billion. We are excited to welcome everyone at Karl Lagerfeld into the G-III team.”
Karl Lagerfeld’s current leadership team will continue to lead the company, and it expects the deal to add in excess of 200 million dollars in initial annual sales.
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