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 through 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 ​ The leases for a large portion of our corporate office and showrooms located at 500 and 512 Seventh Avenue, New York City expires in March 2023. We are currently engaged in discussions with the landlord with respect to the renewal of these leases. ​ Retail Stores ​ As of January 31, 2023, we operated 97 Vilebrequin retail stores, 59 DKNY and Karl Lagerfeld Paris stores, 62 Karl Lagerfeld stores and 4 Sonia Rykiel stores. In addition, we operated 22 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 2035. Vilebrequin has 56 stores located in Europe, 20 stores located in the United States, 11 stores located in Asia, 7 stores located in Mexico and 3 stores in the Caribbean. DKNY has 22 stores located in the United States, 5 stores located in Europe and 2 stores located in Canada. In addition, DKNY has 22 stores located in Asia operated by Fabco. Karl Lagerfeld Paris has 29 stores located in the United States and 1 store located in Canada. Sonia Rykiel has 3 stores located in Europe and 1 store located in the United States. Karl Lagerfeld has 62 stores located in Europe. ​ 40 Table of Contents The following table indicates the periods during which our retail leases expire: ​ ​ ​ ​ ​ ​ Number of Fiscal Year Ending January 31, Stores 2024 ​ 54 2025 ​ 41 2026 ​ 35 2027 ​ 24 2028 and thereafter ​ 90 Total ​ 244 ​ ​