- Prachi Singh |
G-III Apparel Group has partnered with Fred Gehring's investment fund, Amlon Capital BV to produce and market women's and men's apparel and accessories pursuant to a long term license for DKNY and Donna Karan in the People's Republic of China, including Macau, Hong Kong and Taiwan.
Commenting on the development, Morris Goldfarb, Chairman and CEO of G-III, said, "In our industry, Fred has no peer and his tenure at Tommy Hilfiger and PVH is a testament to that. He is a great partner with us on the Karl Lagerfeld brand. We are excited to extend this strong partnership and work with him and his team on growing the DKNY and Donna Karan brands in China. Steve's track record in China is outstanding. We are looking forward to collaborating with these accomplished retail industry veterans to aggressively grow our business in the greater China region, which is a major strategic opportunity for us."
G-III Apparel Group partners with Amlon
The company added that Fred Gehring, former Tommy Hilfiger chairman and CEO and former PVH Vice Chairman, will be Chairman of the joint venture and Steve Shen, former CEO of Tommy Hilfiger China, will be the Chief Executive of the joint venture.
"DKNY and Donna Karan are truly global iconic fashion designer brands. There are only a few brands with similar authenticity and standing. I am excited to extend my partnership with G-III to invest and grow the business with these brands in China. My long-term business partner Steve Shen, who successfully built Esprit and then Tommy Hilfiger in China, will lead the business for us," added Gehring.
The company said in a statement that the joint venture, of which G-III will own 49 percent and Amlon the balance, will be funded with 25 million dollars of equity that will be used to strengthen the DKNY and Donna Karan brands and accelerate growth of the business in the region. As of January 1, 2018, this joint venture will be the exclusive seller of the brands in the territory.
"There is huge growth potential for the DKNY and Donna Karan brands in China. I look forward to working with Fred and his partners at Amlon again and to be joining forces with Morris and G-III on this exciting opportunity," said Steve Shen in the statement.