LVMH selling Donna Karan brand to G-III Apparel
French luxury giant LVMH Moet Hennessy Louis Vuitton is selling its Donna Karan and DKNY clothing brands to U.S. group G-III Apparel in a $650-million deal.
It’s a rare sale for LVMH, owner of brands such as Christian Dior, Kenzo and Sephora and a leader in the luxury world.
New York-based G-III owns brands including Bass shoes and Vilebrequin clothing, and has licences with U.S. sports leagues. It’s looking to expand its brands, and will fund the purchase with loans, according to a statement from LVMH.
Donna Karan herself stepped down from her signature collection last year, to focus on her Urban Zen company and foundation.