G-III Apparel Group Ltd., the sportswear and outerwear firm, has acquired two affiliated companies, Jessica Howard Ltd., a moderate and better dress company, and Industrial Cotton Inc., a junior sportswear and denim resource, for about $8.1 million....
NEW YORK — G-III Apparel Group Ltd., the sportswear and outerwear firm, has acquired two affiliated companies, Jessica Howard Ltd., a moderate and better dress company, and Industrial Cotton Inc., a junior sportswear and denim resource, for about $8.1 million. The deal closed Thursday.
The acquired businesses, headed by Bobby Glick, Doll William and David Nachman, did more than $60 million in wholesale volume last year. The partners are expected to stay on, as well as the more than 100 employees, said Morris Goldfarb, chairman and chief executive officer of G-III.
"We currently have the Calvin Klein dress line that has been very successful,'' Goldfarb said. "This will create a platform for us to build on, similar to what we've done in the coat area, with private brands, proprietary brands and fashion licensees."
Jessica Howard designs and markets moderate and better dresses under the Jessica Howard and Eliza J. brands, as well as private label. It sells accounts such as Macy's, Dillard's, Coldwater Creek and Nordstrom. Industrial Cotton is a midtier junior denim resource, which sells Sears, Kohl's, Belk and J.C. Penney, among others.
G-III, which generated $427 million in sales last year, has licensed lines, including Calvin Klein, Sean John, Kenneth Cole, Tommy Hilfiger, Cole Haan, House of Deréon, Jones New York, Ellen Tracy and Guess, as well as numerous sports licenses. Its directly owned labels include Marvin Richards, G-III, Siena Studio and Winlit.
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