By  on February 12, 2008

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.

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