The fashion world just had some big news this week, as Donna Karen International, parent of the Donna Karen and DKNY brands, was just sold for a whopping $650 million to American manufacturing and licensing company G-III Apparel Group.
French luxury group LVMH has agreed to sell the company and in a joint statement by both companies, the deal is expected to close late this year or early 2017.
The deal will be funded through new debt and $75 million of G-III common stock will be issued to LVMH lvmhf.
G-III giii also owns brands such as Andrew Marc, Marc New York, and Bass. It also holds licences for Calvin Klein, Tommy Hilfiger and Karl Lagerfeld among others.