G-III Apparel Group has increased its ownership stake in All We Wear Group, the owner of Pepe Jeans London, Hackett and Façonnable, according to a Monday press release.
Last month, G-III announced it bought a 12% ownership stake in All We Wear Group in a bid to increase its expansion in Europe. The latest investment brings G-III’s total ownership of All We Wear Group to about 19%, per the release.
“We are pleased to expand our investment in AWWG and strongly believe this partnership is another growth opportunity for our business,” G-lll Chairman and CEO Morris Goldfarb said in the release. “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.”
In the initial deal, All We Wear Group became the official agent for the DKNY, Donna Karan and Karl Lagerfeld brands in Spain and Portugal. G-III said it plans to leverage All We Wear Group’s presence in India to expand those brands. All We Wear Group will now be able to expand its footprint in North America through the ownership stake, per the release.
Madrid-based All We Wear Group is owned by its founder Carlos Ortega, M1 Group and L Catterton. It generates more than $650 million in revenue, per the release.
Meanwhile, G-III owns and licenses more than 30 brands. In its most recent earnings report in June, the company reported first quarter net sales of $609.7 million. For the coming fiscal year, the company expects to reach net sales of about $3.2 billion and net income of between $170 million and $175 million.
