New York, July 29, 2024 – G-III Apparel Group, Ltd., the parent company of renowned fashion brands such as Donna Karan and Karl Lagerfeld, has announced a significant increase in its investment in Spanish fashion group AWWG. The American company, which initially acquired a 12% stake in AWWG last June, is raising its ownership to 19%. This move is aimed at enhancing its growth opportunities across Europe, as outlined in a press release issued today.
Morris Goldfarb, Chairman and CEO of G-III Apparel, expressed enthusiasm about the expanded investment. “We are excited to increase our stake in AWWG and believe this partnership presents a valuable growth opportunity for our business. This transaction aligns with our strategic priorities, and we look forward to further developing our relationship with AWWG and its talented team to accelerate our joint initiatives,” Goldfarb stated.
Under the new agreement, AWWG will serve as the official agent for G-III’s brands, including DKNY, Donna Karan, and Karl Lagerfeld, in Spain and Portugal. This partnership will leverage AWWG’s operations in North America to enhance its market presence. Conversely, G-III Apparel will benefit from AWWG’s established presence in India, a rapidly expanding fashion market.
This investment is part of AWWG’s broader growth strategy. The Madrid-based group, formerly known as Pepe Jeans, recently launched a multi-channel strategy to boost the development of American brands in the Iberian Peninsula. AWWG, which also manages the distribution of Calvin Klein and Tommy Hilfiger in Spain and Portugal, reported €604 million in sales for the 2022/2023 financial year and projects €633 million in revenues for 2023/2024. The company aims to achieve €850 million in sales by 2027, driven by the international expansion of its brands.
Founded in 1998, AWWG operates in 86 countries through over 3,500 sales outlets and employs 4,500 people worldwide. Its global network includes offices in Madrid, Barcelona, Elche, London, Amsterdam, Mexico City, and Mumbai.
Related Topics:
Fashion Headlines: Olympic Ceremony Glitz And Tiffany & Co.’S New Jewelry Design Award
