G III APPAREL GROUP LTD /DE/ 10-K

ITEM 2. PROPERTIES. ​ The offices, sales showrooms, distribution centers and warehouses that are material to us, all of which are leased, consist of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location ​ Property Type ​ Lease Expiration ​ Renewal Option ​ Square Footage 500 and 512 Seventh Avenue, New York City ​ Corporate Office and showrooms ​ March 2023 / March 2028 ​ 5-year ​ 313,000 231 West 39th Street, New York City ​ Corporate Office and showrooms ​ June 2034 ​ - ​ 22,000 Jamesburg, New Jersey ​ Distribution center ​ December 2028 ​ 5-year ​ 583,000 South Brunswick, New Jersey ​ Distribution center ​ January 2025 ​ - ​ 305,000 Carlstadt, New Jersey ​ Distribution center ​ April 2024 ​ 10-year ​ 197,000 Brooklyn Park, Minnesota ​ Retail operations office, warehouse and distribution facility ​ April 2022 ​ - ​ 301,000 ​ As a result of the restructuring of our retail operations segment, the lease at our Brooklyn Park, Minnesota warehouse and distribution facility is expiring in April 2022 and will not be renewed. Our inventory, shipping and logistics needs for our retail operations segment will be operated from our other distribution centers. ​ Retail Stores ​ As of January 31, 2022, we operated 96 Vilebrequin retail stores and 60 DKNY and Karl Lagerfeld Paris stores. In addition, we operated 26 DKNY stores in China that are 75% owned by us. ​ Most leases for retail stores in the United States require us to pay annual minimum rent plus a contingent rent dependent on the store’s annual sales in excess of a specified threshold. In addition, the leases generally require us to pay costs such as real estate taxes and common area maintenance costs. Retail store leases are typically between three and ten years in duration. Recently, store leases have been for shorter durations with an option to terminate if certain sales levels are not met. ​ Our leases expire at varying dates through 2032. Almost all of our stores, other than certain Vilebrequin and DKNY stores, are located in the United States. Vilebrequin has 53 stores located in Europe, 23 stores located in the United States, 10 stores located in Asia, 8 stores located in Mexico and 2 stores in the Caribbean. DKNY has 30 stores located in the United States, 3 stores located in Canada and 4 stores located in Europe. In addition, DKNY has 26 stores located in Asia operated by Fabco. ​ The following table indicates the periods during which our retail leases expire: ​ ​ ​ ​ ​ ​ Number of Fiscal Year Ending January 31, Stores 2023 ​ 48 2024 ​ 25 2025 ​ 28 2026 ​ 24 2027 and thereafter ​ 57 Total ​ 182 ​ ​ 40 Table of Contents