NEW YORK -- G-III Apparel Group has gotten it all together -- literally.
Two weeks ago, the diversified outerwear firm opened its new 30,000-square-foot corporate showroom at 512 Seventh Ave. here, and last week Morris Goldfarb, president and chief executive officer, said he was already seeing a positive impact.
"The interaction between the different divisions is already being felt, with a better utilization of resources and personnel," Goldfarb said. "There is a psychology with the new facility that makes us feel like one company. We have about the same amount of space as we did at 225 West 37th St., but we were scattered all over the building and there was little or no interaction."
The new wood-tone showrooms and offices cover the entire 34th and 35th floors, with a spiral staircase connecting them. They house all of the 38-year-old firm's leather and wool divisions. In women's they include the G-III moderate-price leather line, the Siena designer-price leather collection, Siena Studio bridge-price leathers and the JL Colebrook active wool line.
In addition, the finishing touches are being put on a new women's wool coat division called Billycoat. In men's, the company also has a G-III men's leather outerwear line, a JL Colebrook fabric outerwear line and an NFL outerwear licensed division.
Goldfarb said leather makes up about 67 percent of overall volume. In the nine months ended Oct. 31, G-III had sales of $162.4 million, up 4.5 percent from a year earlier. The firm has been spending money on developing its news divisions, and this has been reflected in its bottom line. For the nine months, earnings were off 58.1 percent to $1.7 million, or 26 cents a share.
"When we were marketing our IPO in 1989, there was concern that we had a narrow business," Goldfarb said, noting that at the time the company was producing virtually all leather. "We said we would become more of an overall outerwear company, and I think we've accomplished that."
The company also has six factory outlet stores and would like to add more this year.
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