G-III Apparel Group Ltd. has acquired Andrew Marc, the outerwear and handbag manufacturer, from Gordon Brothers Group, for about $42 million including working capital adjustments.
The company's plan is to leverage the Andrew Marc brand into new categories to become "a meaningful contemporary lifestyle brand," said Morris Goldfarb, chairman and chief executive officer. Andrew Marc generated about $80 million in net sales last year under the Andrew Marc and Marc New York labels, as well as the licensed Dockers and Levi's brands.
G-III plans to maximize the existing operations of its infrastructure, including aspects such as distribution, information systems and overseas offices. Financially, the company expects the deal to be accretive this year, Goldfarb said.
A powerhouse outerwear and sportswear maker, G-III has licenses for Calvin Klein, Sean John, Kenneth Cole, Cole Haan, Guess, Jones New York, Nine West, Ellen Tracy, House of Deréon, Izod and Tommy Hilfiger and will add Levi's and Dockers. In addition, it has sports licenses with the National Football League, the National Basketball Association, Major League Baseball, the National Hockey League, Touch by Alyssa Milano, Louisville Slugger, World Poker Tour and more than 100 U.S. colleges and universities.
Company-owned labels include Marvin Richards, G-III, Jessica Howard, Eliza J., Industrial Cotton, Black Rivet, Siena Studio, Colebrook, G-III by Carl Banks, Winlit, NY 10018 and La Nouvelle Renaissance. G-III also produces private label apparel.
"We are really thrilled because we have long admired the Andrew Marc brand, and are delighted to bring it into the G-III family as an owned brand instead of a licensee," G-III president Jeanette Nostra said.
It could not immediately be learned whether there would be reductions in Andrew Marc's staff or whether the showroom would remain at 570 Seventh Avenue in Manhattan.
In December 2006, Andrew Marc beefed up its staff by hiring and promoting seven executives and doubled its New York showroom space. Executives at Andrew Marc declined comment Monday.
Mark Schwartz, president and chief executive officer of Gordon Brothers and managing partner of GB Merchant Partners, Gordon Brothers' investment management arm, said, "We have worked closely with the team at Andrew Marc to develop the company's owned and licensed brands."
Financo Inc. advised Andrew Marc on the deal, Fulbright & Jaworski LLP represented G-III and Latham & Watkins LLP advised GB Merchant Partners.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia