G-III Apparel Group has completed its acquisition of Marc Jacobs from LVMH Moët Hennessy Louis Vuitton in deals totaling roughly $925 million, with plans to grow the brand to $1 billion in sales. CEO Morris Goldfarb, who previously navigated the loss of Tommy Hilfiger and Calvin Klein licenses by relaunching Donna Karan, will apply lessons learned from that experience. Marc Jacobs will remain as creative director, and the company plans to relaunch the Marc by Marc Jacobs line for department stores. In the second quarter, G-III's net income rose to $20.2 million from $10.9 million a year ago, and the company raised its full-year earnings guidance to $2.20-$2.30 per share.
G-III Apparel Group LtdG-III completed the ~$925M Marc Jacobs acquisition and raised full-year earnings guidance to $2.20-$2.30 per share.
LVMH Moët Hennessy - Louis VuittonLVMH sold Marc Jacobs to G-III for roughly $925 million, a divestiture deal.
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