G-III Apparel Group, Ltd. announced an agreement to purchase European luxury fashion brand Sonia Rykiel.
Ms. Rykiel is known as one of the leading figures of Parisian fashion who created an iconic brand that captured the spirit of the modern woman. G-III plans to accelerate the relaunch of the brand primarily in Europe, for the fall of 2022, with collections across multiple categories. The transaction is expected to close by the end of October 2021.
Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “We are extremely pleased to purchase the Sonia Rykiel brand which further enables us to expand into the luxury space. We believe there is significant opportunity to unlock the untapped potential of this brand as we look to accelerate our global reach. We will leverage the existing executive management team and infrastructure based in Europe, as well as G-III’s supply chain expertise to scale and grow the Sonia Rykiel business across apparel, accessories and numerous other lifestyle categories.”
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Eric and Michael Dayan, Sonia Rykiel’s current owners said, “We are proud to have been a part of this brand which has a deep French heritage and to be the drivers behind its relaunch. We are thrilled to have found G-III, a true apparel and accessory powerhouse with a strong portfolio of globally recognised brands, as the new owners and stewards of the Sonia Rykiel brand. With G-III’s dominance in a diversified range of lifestyle categories, along with its well-established and broad range of retail partners, we see a bright future for the growth of the Sonia Rykiel brand. We have confidence and peace of mind that G-III will elevate the iconic Sonia Rykiel brand to its global potential.”