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Slide #31. G-III Apparel Group — Vilebrequin
G-III Apparel Group (NASDAQ:GIII)
G-III Apparel Group announced that it has acquired Vilebrequin, a leading global provider of luxury swimwear, accessories and resort-wear. The total purchase price is 85.5 million (approximately $106.2 million), subject to certain post-closing adjustments, of which 70.5 million (approximately $87.6 million) was paid in cash and 15 million (approximately $18.6 million) was paid by unsecured promissory notes, due December 31, 2017, with interest at the rate of 5% per year. In addition to the purchase price, the agreement provides for up to an additional 22.5 million (approximately $27.9 million) of contingent future payments based upon achieving certain performance objectives related to growth over the three years ending December 31, 2015.
Fulbright & Jaworski L.L.P. and Meyerlustenberger Lachenal Avocats (Advisor)
G-III Apparel Group designs, sources and markets a range of apparel, including outerwear, dresses, sportswear, swimwear, women's suits and women's performance wear, as well as women's handbags, footwear, small leather goods, cold weather accessories and luggage. Co. sells products under a portfolio of licensed brands, including Calvin Klein, Tommy Hilfiger, Karl Lagerfeld Paris, Kenneth Cole, Cole Haan, Guess?, Vince Camuto, Levi's and Dockers. Co. also sells its products over the web through retail partners such as macys.com and nordstrom.com, each of which has an online business. In addition, Co. sells to pure play online retail partners such as Amazon and Fanatics.
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Hold (2.50 out of 4)