Pic: G-III Apparel
Madrid-based AWWG, which is owned by M1 Group, LCatterton and founder Carlos Ortega, is a premier platform for international brands and generates over $650 million in revenues across over 3,500 points of sale in over 86 countries. As part of the previously announced agreement, the Group has become the official agent for DKNY, Donna Karan and Karl Lagerfeld across Spain and Portugal, as the Company seeks to maximize its European growth opportunity. G-III also plans to leverage AWWG’s notable presence in India, one of the fastest growing fashion markets in the world, to expand its key brands, led by DKNY. In turn, AWWG will benefit from G-III’s best-in-class operations in North America to expand its footprint in that market.
Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “We are pleased to expand our investment in AWWG and strongly believe this partnership is another growth opportunity for our business. This transaction reinforces our strategic priorities and we look forward to further developing our relationship with AWWG and its talented team, as we accelerate our collective businesses.”
Fibre2Fashion News Desk (RM)