G-III to acquire European luxury fashion brand Sonia Rykiel

US-based clothing company G-III Apparel Gathering has reached an agreement to acquire European extravagance fashion brand Sonia Rykiel.

Following the acquisition, G-III plans to relaunch the brand with assortments across numerous categories, focusing mainly on the European apparel market for the finish of the following year.

The company said that the deal is supposed to nearby the finish of October.

The financial terms of the transaction have not been revealed.

G-III chairman and President Morris Goldfarb said: "We are very pleased to purchase the Sonia Rykiel brand, which further enables us to expand into the extravagance space.

"We accept there is significant opportunity to open the untapped potential of this brand as we hope to accelerate our global reach."

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G-III will keep Sonia Rykiel's existing executive management team and utilize its Europe-based infrastructure, as well as its inventory network information, to expand the business across numerous categories.

Sonia Rykiel current proprietors Eric and Michael Dayan said: "We are excited to have tracked down G-III, a genuine apparel and accessory powerhouse with a solid portfolio of globally recognized brands, as the new proprietors and stewards of the Sonia Rykiel brand.

"With G-III's dominance in an enhanced range of way of life categories, along with its deep rooted and broad range of retail partners, we see a brilliant future for the development of the brand.

"We have certainty and peace of mind that G-III will elevate the famous Sonia Rykiel brand to its global potential."

G-III specializes in designing, sourcing and marketing apparel and accessories under claimed, authorized and private label brands.

Earlier this month, the brand reported that its net sales for the second quarter of 2022 rose by 62.5% to $483.1m compared to $297.2m a year earlier.

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