Luxury Giant, LVMH (@LVMH) Sells Donna Karan (@dkny) International for Whopping $650 Million!

What’s up guys, I got some breaking news you should definitely check out. While just randomly browsing social media this morning, I came across some shocking news. Well according to an article written by Lauren Fisher in Harpers BAZAAR, that basically New York apparel group G-III has acquired the Donna Karan and DKNY labels. Not so good news for Public School’s Maxwell Osborne and Dao-Yi Chow, who were creative directors prior to the sell. However due to “disappointing performance” the DKNY brand was forced to sell at approximately $650 million to save its namesake. Read the article below written by: Lauren Fisher.

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This morning, LVMH officially announced it would be selling Donna Karan International to New York apparel group G-III, just one year after designer Donna Karan stepped down from her namesake label. It’s only the second time in the French luxury conglomerate’s 30-year history that one of its fashion brands has been sold.

G-III, a manufacturing and licensing company that holds licenses for Calvin Klein, Tommy Hilfiger, Karl Lagerfeld, Vince Camuto, Levi’s, and more acquired the label for $650 million. Donna Karan International is comprised of the Donna Karan label (which has halted production since Karan’s exit) and DKNY, helmed by Public School designers Dao-Yi Chow and Maxwell Osborne since last year. LVMH has owned the Donna Karan labels since acquiring them back in 2001 for $643 million.

“We believe the DKNY brand has a dynamic position in the market, and when G-III approached us about acquiring the brand, we concluded that the time was right and that G-III was the right steward going forward,” Toni Belloni, managing director at LVMH, said in a statement.

The $650 million deal is expected to close late 2016 or early 2017 and could mean not only exciting things for the DKNY label, but also for the revival of the Donna Karan collection.

From: Harpers BAZAAR

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Written By: Mark Pollard

mark pollard hey mikey atl

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