−Removed: Unless the context otherwise requires, “G-III,” “us,” “we” and “our” refer to G-III Apparel Group, Ltd.
+Added: Unless the context otherwise requires, “G-III,” “Company,” “us,” “we” and “our” refer to G-III Apparel Group, Ltd.
and its subsidiaries.
4 unchanged sentences
We and our predecessors have conducted our business since 1974.
−Removed: We design, source and market an extensive 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.
−Removed: G-III has a substantial portfolio of more than 30 licensed and proprietary brands, anchored by our key brands:
−Removed: DKNY, Donna Karan, Karl Lagerfeld, Nautica and Halston, as well as other major brands that currently drive our business, including Calvin Klein and Tommy Hilfiger.
−Removed: We distribute our products through multiple channels and in markets located in a variety of geographies.
−Removed: Our own proprietary brands include DKNY, Donna Karan, Karl Lagerfeld, Karl Lagerfeld Paris, Vilebrequin, G.H.
−Removed: Bass, Eliza J, Jessica Howard, Andrew Marc, Marc New York, Wilsons Leather and Sonia Rykiel.
−Removed: We have an extensive portfolio of well-known licensed brands, including Calvin Klein, Tommy Hilfiger, Nautica, Halston, Levi’s, Guess?, Kenneth Cole, Cole Haan, Vince Camuto, Dockers and Champion.
−Removed: Through our team sports business, we have licenses with the National Football League, National Basketball Association, Major League Baseball, National Hockey League and over 150 U.S.
−Removed: colleges and universities.
−Removed: We also source and sell products to major retailers for their own private label programs.
−Removed: Our products are sold through a cross section of leading retailers such as Macy’s, including its Bloomingdale’s division, Dillard’s, Hudson’s Bay Company, including its Saks Fifth Avenue division, Nordstrom, Kohl’s, TJX Companies, Ross Stores, Burlington and Costco.
−Removed: We also sell our products using digital channels through retail partners such as macys.com, nordstrom.com and dillards.com, each of which operates significant digital businesses.
−Removed: In addition, we sell to leading online retail partners such as Amazon, Fanatics, Zalando and Zappos.
−Removed: We also distribute apparel and other products directly to consumers through our own DKNY, Karl Lagerfeld, Karl Lagerfeld Paris and Vilebrequin retail stores, as well as through our digital sites for our DKNY, Donna Karan, Karl Lagerfeld, Karl Lagerfeld Paris, Vilebrequin, G.H.
−Removed: Bass, Wilsons Leather and Sonia Rykiel brands.
−Removed: We operate in fashion markets that are intensely competitive.
−Removed: Our ability to continuously evaluate and respond to changing consumer demands and tastes, across multiple market segments, distribution channels and geographic areas is critical to our success.
−Removed: Although our portfolio of brands is aimed at diversifying our risks in this regard, misjudging shifts in consumer preferences could have a negative effect on our business.
−Removed: Our continued success depends on our ability to design products that are accepted in the marketplace, source the manufacture of our products on a competitive basis, and continue to diversify our product portfolio and the markets we serve.
−Removed: We believe that consumers prefer to buy brands they know, and we have continually sought to increase the portfolio of name brands we can offer through different tiers of retail distribution and for a wide array of products at a variety of price points.
−Removed: We have increased the portfolio of brands we offer through licenses and acquisitions.
−Removed: It is our objective to continue to expand our product offerings and we are continually discussing new licensing opportunities with brand owners and seeking to acquire established brands.
−Removed: We report based on two segments:
−Removed: wholesale operations and retail operations.
−Removed: Our wholesale operations segment includes sales of products to retailers under owned, licensed and private label brands, as well as sales related to the Karl Lagerfeld and Vilebrequin businesses, including from retail stores operated by Vilebrequin and Karl Lagerfeld, other than sales of product under the Karl Lagerfeld Paris brand generated by our retail stores and digital sites.
−Removed: Wholesale revenues also include revenues from license agreements related to our owned trademarks including DKNY, Donna Karan, Karl Lagerfeld, G.H.
−Removed: Bass, Andrew Marc, Vilebrequin and Sonia Rykiel.
−Removed: Our retail operations segment consists primarily of direct sales to consumers through our company-operated stores and product sales through our digital sites for the DKNY, Donna Karan, Karl Lagerfeld Paris, G.H.
−Removed: Bass and Wilsons Leather brands.
−Removed: Our company-operated stores primarily consist of DKNY and Karl Lagerfeld Paris retail stores, substantially all of which are operated as outlet stores.
−Removed: Recent Developments
−Removed: Repositioning and Expansion of Donna Karan
−Removed: We acquired the DKNY and Donna Karan brands, two of the most iconic American fashion brands, in December 2016.
−Removed: We initially repositioned and relaunched DKNY and we have successfully grown the brand.
−Removed: We are now focused on the repositioning and expansion of the Donna Karan brand with first deliveries made for Spring 2024.
−Removed: The new Donna Karan is a modern system of dressing created to appeal to a woman’s senses on every level, addressing her full lifestyle needs.
−Removed: Our Donna Karan product is currently being distributed in the United States through our diversified distribution network, including better department stores, digital channels and our own Donna Karan website.
−Removed: Donna Karan is widely considered to be a top fashion brand and is recognized as one of the most famous designer names in American fashion.
−Removed: We believe that the strength of the Donna Karan brand, along with our success with the DKNY brand, demonstrates the potential for our new Donna Karan products.
−Removed: License Agreement for Nautica Brand
−Removed: In March 2023, we entered into a long-term license with Authentic Brands Group for women’s apparel under the Nautica brand in North America.
−Removed: We plan to produce products under the Nautica brand across a number of categories starting with a full women’s jeanswear collection and then expanding in a phased approach into additional categories including sportswear, suit separates and dresses.
−Removed: The new five-year license agreement, effective as of January 2024, includes three extensions, for five years each.
−Removed: First deliveries began in January 2024.
−Removed: The product is expected to be distributed in North America through our diversified distribution network, including better department stores, digital channels and Nautica’s stores and website, as well as in franchised stores globally.
−Removed: We believe that significant opportunity exists in the better women’s apparel space in categories where we have strong expertise.
−Removed: License Agreement for Halston Brand
−Removed: In May 2023, we entered into a global twenty-five year master license with Xcel Brands, Inc.
−Removed: to design and produce all categories of men’s and women’s product for the Halston brand.
−Removed: The agreement provides for an initial term of five years, followed by a twenty-year period, with G-III having the right to terminate every five years.
−Removed: We also have a purchase option for the Halston brand at the end of the twenty-five year term.
−Removed: First deliveries of Halston product are expected to begin in July 2024.
−Removed: Our Halston product is expected to be distributed globally through our diversified distribution network, including better department stores and digital channels.
−Removed: We believe that significant opportunity exists in the better women’s apparel space where G-III has significant expertise.
−Removed: License Agreement for Champion Brand
−Removed: In September 2023, we entered into a license with HanesBrands Inc.
−Removed: to design and produce men’s and women’s outerwear collections for their Champion brand in North America.
−Removed: The agreement provides for an initial term of five years, effective as of January 2024, with a five year renewal option based on achieving certain sales targets.
−Removed: First deliveries of Champion product are expected for the Fall 2024 season.
−Removed: Our Champion product is expected to be distributed in North America through our diversified distribution network, including better department stores and digital channels.
−Removed: Our collections will feature quality heritage pieces that complement and enhance Champion’s principles.
−Removed: We believe this license aligns with G-III’s core competencies in outerwear and will fit seamlessly into our well-developed outerwear business.
−Removed: Strategic Initiatives
−Removed: We are focused on the following strategic initiatives, which we believe are critical to our long-term success:
−Removed: ● Drive our brands across categories:
−Removed: We are a partner of choice to a diversified retail network, supplying a broad range of over 20 apparel, accessory and footwear categories across our owned and licensed brands.
−Removed: Our data-driven approach prioritizes the consumer in all aspects of our business and enables us to create category lines that offer a compelling mix of products.
−Removed: We believe the potential of our brands will assist us in gaining new customers and expanding our product offerings.
−Removed: We have increased our focus on segmenting our portfolio of brands to grow our market share across our distribution channels.
−Removed: Additionally, we have added Nautica and Halston to our portfolio of licensed brands.
−Removed: We believe we can unlock the potential of these brands and expand them into a broad range of additional categories as we diversify their product offerings.
−Removed: We are also launching outerwear for Champion, a well-recognized brand across a wide consumer base.
−Removed: ● Expanding our portfolio of owned brands:
−Removed: We own a portfolio of globally recognized brands including DKNY, Donna Karan, Karl Lagerfeld, Karl Lagerfeld Paris and Vilebrequin, among others.
−Removed: Owning our own brands is advantageous to us for several reasons:
−Removed: - We have full control of these brands and can distribute them globally across channels, including though our omni-channel retail and online retailers, through off-price channels and direct to the consumer through our stores and digital sites.
−Removed: - We can realize significantly higher operating margins as we do not pay licensing fees on sales of our proprietary products and can also generate additional licensing revenues (which have no related cost of goods sold) for categories of products we do not produce.
−Removed: - We are able to license our proprietary brands in new categories and geographies to carefully selected licensees.
−Removed: - We are able to build equity in these brands to benefit the long-term interests of our stockholders.
−Removed: We believe we can expand our owned brands and their international reach.
−Removed: Our first full year of ownership of Karl Lagerfeld accelerated this growth.
−Removed: We are investing to increase the lifestyle appeal of our owned brands as we grow them organically.
−Removed: We are also expanding into new lifestyle categories and working with new distribution partners to grow into new geographies.
−Removed: We have experienced positive results in the performance in each of our owned brand’s key licensed product categories.
−Removed: We believe we have significant opportunities to increase the overall profitability of our owned brands.
−Removed: We continue to explore strategic opportunities, including acquisitions and investments in brands and companies, as well as joint-ventures and licensing opportunities that we believe are additive to our overall business.
−Removed: We take a disciplined approach to any acquisitions, seeking brands with broad consumer recognition that we can grow profitably and expand by leveraging our infrastructure and core competencies.
−Removed: ● Continue to develop and expand our DKNY business and re-position and expand the Donna Karan business:
−Removed: We believe that Donna Karan and DKNY are two of the most iconic and recognizable brands and we are well positioned to unlock their potential and expand the reach of these brands.
−Removed: We are leveraging our demonstrated ability to drive organic growth and develop talent within our Company to maximize the potential of the Donna Karan and DKNY brands.
−Removed: We began our relaunch of our Donna Karan brand in January 2024.
−Removed: The new Donna Karan is a modern system of dressing created to appeal to a woman’s senses on every level, addressing the lifestyle needs of a new consumer.
−Removed: Inspired by the Donna Karan archives, we have thoughtfully created a new
−Removed: product line that captures the brand’s ethos of timeless elegance, empowering women and accessible luxury, tailored to meet the lifestyle needs of today’s consumer.
−Removed: We supported this relaunch in several key ways:
−Removed: - We launched a highly visible marketing campaign to showcase timeless outfits that draw inspiration from popular past Donna Karan product lines.
−Removed: - We redesigned the Donna Karan website to engage consumers with the power of the brand.
−Removed: - With our fragrance partner, we launched our first-ever fragrance collection to compliment Donna Karan’s existing iconic fragrance offerings.
−Removed: Our initial product offering is resonating with consumers.
−Removed: The excitement and attention created by this launch has generated momentum and we believe we can expand the brand globally over time.
−Removed: DKNY merges modern tailoring with sophisticated ease, celebrating the aspirational and practical spirit of New York, with a highly differentiated perspective from Donna Karan.
−Removed: The brand has global distribution, including premier department stores and their digital sites, partner run stores and online retailers.
−Removed: We believe we have the opportunity to increase the international presence of the DKNY brand through elevating its wholesale profile and developing a digital footprint with Zalando and other key online retailers.
−Removed: We are launching a marketing initiative for DKNY to drive global brand awareness with a focus on the brand’s more youthful appeal.
−Removed: ● Expanding our international business:
−Removed: We continue to expand our international business and enter into new markets worldwide.
−Removed: In fiscal 2023, we acquired the remaining interests in the Karl Lagerfeld fashion brand which grew our European business and added new international expertise.
−Removed: In fiscal 2022, we purchased European luxury fashion brand Sonia Rykiel.
−Removed: We own Vilebrequin, a premier provider of status swimwear, resort wear and related accessories that was founded in Europe.
−Removed: We have created innovative experiences that allow consumers to experience Karl Lagerfeld and Vilebrequin by expanding these brands into the leisure industry, strengthening their global lifestyle appeal and extending their reach.
−Removed: We believe these brands can enable us to expand in the international space and that there is untapped potential for these brands.
−Removed: In addition, we believe that the international sales and profit opportunity is quite significant for our DKNY and Donna Karan businesses and, as a result, we are expanding our DKNY and Donna Karan businesses globally.
−Removed: Continued growth, brand development and marketing in overseas markets is critical to driving global brand recognition.
−Removed: ● Increasing digital channel business opportunities:
−Removed: We are continuing to make changes to our business to address the additional challenges and opportunities created by the evolving role of the digital marketplace in the retail sector and expect to increase sales of our products in an omni-channel environment.
−Removed: We are investing in digital personnel, marketing, logistics, planning, distribution and other strategic opportunities to expand our digital footprint.
−Removed: Consumers are increasingly engaging with brands through digital channels, and we believe that this trend will continue to grow in the coming years.
−Removed: Our key brands serve as the anchor of our business and position us to be the direct beneficiaries of this trend.
−Removed: By continuing to leverage our partnerships with the digital channels operated by major retailers, online distributors and our licensors, as well as building out our own digital capabilities, we intend to facilitate brand awareness, increase consumer engagement and, ultimately, drive sales.
−Removed: Our Strengths
−Removed: Broad portfolio of globally recognized brands.
−Removed: In an environment of rapidly changing consumer fashion trends and preferences, we benefit from a balanced mix of more than 30 licensed and proprietary brands anchored by our key brands:
−Removed: DKNY, Donna Karan, Karl Lagerfeld, Nautica and Halston, as well as other major brands that currently drive our business, including Calvin Klein and Tommy Hilfiger, all of which have strong brand equity and long-standing consumer appeal.
−Removed: Our overall brand portfolio includes other complementary brands that are diversified across product categories, price points, demographics, occasions, fits and sizes, and styles and genres.
−Removed: Our proprietary brands include DKNY, Donna Karan, Karl Lagerfeld, Karl Lagerfeld Paris, Vilebrequin, G.H.
−Removed: Bass & Co., Eliza J, Jessica Howard, Andrew Marc, Marc New York, Wilsons Leather and Sonia Rykiel.
−Removed: We are a licensee of choice for well-known fashion brands including Calvin Klein, Tommy Hilfiger, Nautica, Halston, Levi’s, Kenneth Cole, Cole Haan, Vince Camuto, Dockers and Champion.
−Removed: We also license team sports oriented brands, including the National Football League, National Basketball Association, Major League Baseball, National Hockey League, Starter and over 150 U.S.
+Added: Company Overview
+Added: G-III is a global leader in fashion with expertise in design, sourcing, distribution and marketing, which enables us to fuel growth across a portfolio of over 30 globally recognized owned and licensed brands anchored by our key owned brands DKNY, Donna Karan, Karl Lagerfeld and Vilebrequin as well as other major brands that currently drive our business.
+Added: We develop product across a diverse range of lifestyle categories which include:
+Added: outerwear, dresses, sportswear, suit separates, athleisure, jeans, swimwear, as well as handbags, footwear, small leather goods, cold weather accessories and luggage.
+Added: Our brands are positioned to sell at various price points with global distribution across a diverse mix of channels and geographies to reach a broad range of consumers.
+Added: We also license the use of our trademarks to third parties for product categories and in regions where we believe our licensees’ expertise can better serve our brands.
+Added: We generated net sales of approximately $3.18 billion, $3.01 billion and $3.23 billion in fiscal 2025, fiscal 2024 and fiscal 2023, respectively.
+Added: In an environment of rapidly changing consumer fashion trends and preferences, we benefit from a differentiated mix of owned and licensed brands, all of which have strong brand equity and long-standing consumer appeal.
+Added: With full control over design, production, global distribution and marketing, our owned brands represent a sustainable long-term profit driver, generating higher operating margins and providing an accretive licensing income stream.
+Added: We also license brands that complement our portfolio including Calvin Klein, Tommy Hilfiger, Nautica, Halston, among others.
+Added: Our overall brand portfolio is diversified across product categories, price points, demographics, occasions, fits and sizes, styles and genres.
+Added: Through our licensed team sports business, we have partnerships with the National Football League, National Basketball Association, Major League Baseball, National Hockey League and over 150 U.S.
colleges and universities.
−Removed: We believe that our well-
−Removed: diversified brand portfolio of key brands and complementary brands is well positioned to satisfy ongoing consumer needs and preferences.
−Removed: Additionally, our experience in developing and acquiring licensed brands and proprietary labels, as well as our reputation for producing high quality, well-designed apparel, has led major customers to select us as a partner of choice for their own private label programs.
−Removed: We currently market apparel and other products under, among others, the following licensed and proprietary brand names:
+Added: We also source and sell products to major retailers under their private retail labels.
+Added: Our owned brands accounted for approximately 52% of our net sales in fiscal 2025, 47% of our net sales in fiscal 2024 and 41% of our net sales in fiscal 2023, with the remainder of net sales in each year driven by our licensed businesses.
+Added: We continue to expand our portfolio of brands through licenses, acquisitions and joint ventures as we extend our global reach and product offerings.
+Added: We are continually seeking new licensing opportunities with brand owners and seeking to acquire established brands.
+Added: We are in the process of developing two of the newest brand additions to our portfolio, Converse and BCBG, which we expect to launch in the Fall of 2025.
+Added: We currently market apparel and other products under, among others, the following owned and licensed brand names:
Licensed Brands
−Removed: National Football League
−Removed: Calvin Klein Jeans
−Removed: Tommy Hilfiger
−Removed: Major League Baseball
−Removed: Tommy Hilfiger
−Removed: National Basketball Association
−Removed: National Hockey League
−Removed: IMG Collegiate Licensing Company
−Removed: Margaritaville
−Removed: Margaritaville
−Removed: Proprietary Brands
−Removed: G-III Sports by Carl Banks
−Removed: Karl Lagerfeld
+Added: Collegiate Licensing Company
G-III for Her
−Removed: Karl Lagerfeld Paris
+Added: G-III Sports by Carl Banks
+Added: Jessica Howard
Karl Lagerfeld
1 unchanged sentence
Marc New York
−Removed: Marc New York
+Added: Major League Baseball
+Added: Margaritaville
+Added: National Basketball Association
Wilsons Leather
−Removed: Jessica Howard
−Removed: Long-standing relationships forged with retailers and license partners through emphasis on design, sourcing and quality control.
−Removed: We believe our core strengths provide a foundation that drives our partnerships with retailers and licensors.
−Removed: Our in-house design and merchandising teams design substantially all of our licensed, proprietary and private label products, and our designers work closely with our licensors and private label customers to create designs and styles that represent the look they seek to project.
−Removed: We believe that we have developed a significant customer following and positive reputation in the industry as a result of our design capabilities, sourcing expertise, on-time delivery and high standards of quality control.
−Removed: Our service, brand stewardship and industry expertise have allowed us to continue to deliver as a go-to preferred partner for many of our customers.
−Removed: Well-developed supply chain infrastructure is a key core competency that leverages strong vendor relationships developed over the past 40 years.
−Removed: We have long-standing, trust-based relationships with our vendors that form the foundation of our global supply chain that has been built upon over the last 40 years.
−Removed: We have a network of worldwide suppliers that allows us to access the highest quality products, negotiate competitive terms without relying on any single vendor, access new technology and design insights, and enhance our market intelligence.
−Removed: We support and cultivate these relationships by continuously investing management time while also maintaining a physical presence in key jurisdictions.
−Removed: We employ a quality control team and a sourcing group to ensure the quality of our products, as well as local teams that operate on the ground with a hands-on approach and a deep-rooted knowledge base with respect to our manufacturers.
−Removed: By working closely with our global partners on all aspects of the supply chain, we aim to safeguard against potential disruptions.
−Removed: We believe that we have a long-standing competitive advantage with our current supply chain partners and we continue to focus on broadening the breadth and depth of our inventory sourcing capabilities.
−Removed: We continue to focus on
−Removed: methods aimed at bolstering production and devising and implementing strategies to further diversify our production base and expand sourcing capabilities across the globe while leveraging best practices and strong vendor relationships.
−Removed: Diversified business mix across customers, price points, products, and distribution channels.
−Removed: We market our products at multiple price points and across multiple channels of distribution, allowing us to provide products to a broad range of consumers.
−Removed: Our products are sold to approximately 1,700 customers, including a cross section of retailers such as Macy’s, including its Bloomingdale’s division, Dillard’s, Hudson’s Bay Company, including its Saks Fifth Avenue division, Nordstrom, Kohl’s, TJX Companies, Ross Stores and Burlington and Costco.
−Removed: We also sell our products using digital channels through retail partners such as macys.com, nordstrom.com and dillards.com, each of which has a substantial online business.
−Removed: In addition, we sell to leading online retail partners such as Amazon, Fanatics, Zalando and Zappos and have made minority investments in two e-commerce retailers.
−Removed: Our strong relationships with retailers have been established through many years of personal customer service and our objective of meeting or exceeding retailer expectations.
−Removed: In addition, we continue to make changes to our business to address the additional challenges and opportunities created by the evolving role of the online marketplace in the retail sector and expect to expand the sale of our products in an omni-channel environment.
−Removed: As economic conditions waver and consumer trends change, we believe that our deep-rooted relationships across the retail landscape, diversified brands serving a wide range of consumers and our product portfolio mix that covers a broad mix of price points allow us to operate on a flexible and advantageous basis.
−Removed: Experienced management team.
−Removed: Our executive management team has worked together for a significant period of time and has extensive experience in the apparel industry.
−Removed: Morris Goldfarb, our Chairman and Chief Executive Officer, has been with us for over 45 years.
−Removed: Sammy Aaron, our Vice Chairman and President, joined us in 2005 when we acquired Marvin Richards, Neal S.
−Removed: Nackman, our Chief Financial Officer, has been with us for more than 20 years and Jeffrey Goldfarb, our Executive Vice President, has been with us for over 20 years.
−Removed: In addition, in January 2024, Dana Perlman joined us as our Chief Growth and Operations Officer.
−Removed: This newly created role is intended to leverage Ms.
−Removed: Perlman’s over 20-year career in apparel, strategy and finance to drive innovation, optimize operations and identify new opportunities.
−Removed: Our leadership team has demonstrated experience in successfully acquiring, managing, integrating and positioning new businesses having completed over ten acquisitions and several joint ventures over the last 20 years, while also adding numerous new licenses and licensed products to our portfolio.
−Removed: Wholesale Operations
−Removed: Licensed Products
−Removed: The sale of licensed products is a key element of our strategy and we have continually expanded our offerings of licensed products for over 25 years.
+Added: National Football League
+Added: National Hockey League
+Added: Tommy Hilfiger
+Added: Key Owned Brands
+Added: Dating back to the beginning of our company, G-III has sold apparel under its own proprietary brands.
+Added: Over the years, we developed or acquired brands such as G-III Sports by Carl Banks, Eliza J and Jessica Howard.
+Added: We also acquired Andrew Marc, an aspirational luxury outerwear brand, G.H.
+Added: Bass, a well-known heritage brand, and Vilebrequin, a premier swimwear and resort wear brand.
+Added: In our most significant acquisition to date, we acquired Donna Karan International, which owns DKNY and Donna Karan, two of the world’s most iconic and recognizable brands.
+Added: In October 2021, we acquired European luxury fashion brand Sonia Rykiel and in May 2022, we acquired the remaining interests that we did not own in the iconic Karl Lagerfeld fashion brand.
+Added: We currently design, manufacture, distribute, market and sell products under our own proprietary brands, as well as license our proprietary brands in a variety of categories and across geographies.
+Added: Our key owned brands include:
+Added: We acquired the DKNY and Donna Karan brands in 2016.
+Added: DKNY is a global iconic fashion brand founded in 1989.
+Added: We distribute a full lifestyle offering for the brand globally across premier department stores and their digital sites as well as DKNY stores and digital sites, partner run stores and online retailers.
+Added: DKNY merges modern tailoring with sophisticated ease, celebrating the aspirational and practical spirit of New York.
+Added: Since G-III acquired DKNY in 2016, we significantly expanded the brand’s wholesale presence through premier department stores and other key retailers including multi-brand and specialty stores.
+Added: Today, DKNY operates 14 company operated stores predominately across North America located in premium outlet centers.
+Added: Internationally, we operate wholesale distribution in multiple countries across department stores, specialty stores and digital retailers, as well as 58 partner operated stores globally.
+Added: We believe there is significant opportunity for further international growth.
+Added: We also license the DKNY brand in several categories including fragrance, men’s, kids, home, eyewear, watches and other accessories, which drives additional royalty income to the brand.
+Added: Our strategic marketing investments in DKNY help drive the brand’s recognition and appeal among global consumer audiences.
+Added: Net sales of our DKNY products were approximately $675 million in fiscal 2025, $590 million in fiscal 2024 and $555 million in fiscal 2023.
+Added: We relaunched the Donna Karan brand in North America in Spring 2024.
+Added: The new Donna Karan is a modern system of dressing created to appeal to a woman’s senses on every level, addressing the full lifestyle needs of a new consumer.
+Added: Inspired by the Donna Karan archives, we have thoughtfully created a new product line that captures the brand’s ethos of timeless elegance, empowering women and accessible luxury, tailored to meet the lifestyle needs of today’s customer.
+Added: The new Donna Karan is distributed in premier department stores, digital channels and our own Donna Karan website in North America.
+Added: This relaunch was supported by G-III’s largest and most visible marketing investment to re-energize and create excitement among consumers.
+Added: Focused on storytelling under Donna Karan’s purpose and rich history of empowering women, the Spring and Fall 2024 marketing campaigns were met with strong consumer response and engagement around the relaunch.
+Added: In addition to the Donna Karan product that we produce, we also license additional lifestyle categories, including, fragrance, home, eyewear, suits, intimates, sleep and loungewear.
+Added: We are in the early stages of further developing the brand’s lifestyle offerings.
+Added: The brand is generating significant profitability with some of the highest average unit retails (“AURs”) and sell-throughs across our portfolio.
+Added: We believe there is a significant opportunity for global growth.
+Added: Karl Lagerfeld
+Added: In 2022, G-III acquired the remaining interests in the Karl Lagerfeld fashion brand after having previously launched the Karl Lagerfeld Paris brand in North America in 2015.
+Added: The June 2022 full acquisition of Karl Lagerfeld expanded G-III’s business and presence in Europe, while adding new international expertise.
+Added: The Karl Lagerfeld brand is known for its signature aesthetic combining Parisian classics with a rock-chic attitude and tailored silhouettes.
+Added: The brand produces a full lifestyle portfolio of apparel, accessories and footwear as well as licensed categories including fragrance, men’s, kids, home among others and branded experiences with partner operated luxury hotels and residences.
+Added: We distribute the brand through more than 170 Karl Lagerfeld stores worldwide, including 64 company operated stores, across over 60 countries.
+Added: We also operate 35 Karl Lagerfeld Paris company operated stores across North America located in premium outlet centers.
+Added: Net sales of our Karl Lagerfeld products were approximately $580 million in fiscal 2025, $475 million in fiscal 2024 and $365 million in fiscal 2023.
+Added: Vilebrequin is a premier provider of luxury status swimwear, resort wear and related accessories, with iconic designs drawn from its French Riviera heritage and founding in St.
+Added: Tropez over forty years ago.
+Added: Vilebrequin is currently distributed in 107 company operated stores and 91 franchised operated stores and is sold in over 100 countries worldwide.
+Added: We continue to grow the brand’s global retail footprint through new stores as well as distribution partners.
+Added: We also are expanding Vilebrequin’s lifestyle offering through experiential licensing agreements and extensive collaborations, which drive consumer engagement and fuel brand awareness in global markets.
+Added: Vilebrequin currently has five beach club concepts in various stages of development, with plans for additional ones.
+Added: We opened our first ever beach club as well as flagship store in Cannes, which is driving powerful brand recognition in the region.
+Added: Vilebrequin offers a differentiated lifestyle product and experience to our end consumer, and we think there is an opportunity to further expand the brand’s global presence and unlock growth in new markets.
+Added: Licensing of our Owned Brands
+Added: As our portfolio of owned brands has grown, we have licensed these brands in new categories that we do not have the capability to produce ourselves.
+Added: Our licensing program has significantly increased as a result of owning the DKNY, Donna Karan, Karl Lagerfeld and Karl Lagerfeld Paris brands.
+Added: We currently license our owned brands in a variety of categories as well as regions and continue to seek new licensing opportunities to broaden the reach of these brands.
+Added: We have strong relationships with category leading license partners, including, but not limited to, Marchon, Komar and Inter Parfums.
+Added: The DKNY and Donna Karan brands have worldwide license agreements for a broad array of products including fragrance (and related products), intimates, eyewear, bedding and bath products, women’s sleepwear, loungewear, tech accessories, and men’s and women’s fashion watches.
+Added: Additionally, we license the DKNY brand in the United States and internationally for children’s clothing, children’s footwear, jewelry, men’s tailored clothing, men’s sportswear, men’s dress shirts, men’s underwear, men’s loungewear, men’s swimwear, men’s and women’s golfwear,
+Added: men’s and women’s socks, tech accessories, furniture and rugs.
+Added: We license the Karl Lagerfeld brand for a wide range of product categories including, but not limited to, footwear, men’s apparel, fragrances, children’s clothing, eyewear and tech accessories.
+Added: We also license the Karl Lagerfeld Paris brand for men’s suits, men’s dress shirts, bedding and bath products.
+Added: Further, our experiential licenses with partners for brand activated hotels and luxury villas showcase the brand’s lifestyle allure and drive consumer engagement while keeping the brand relevant in overseas markets.
+Added: We have a long-term global licensing agreement with Inter Parfums, Inc.
+Added: for the creation, development and distribution of fragrances and fragrance-related products under the DKNY, Donna Karan and Karl Lagerfeld brands.
+Added: The initial DKNY and Donna Karan term of the license extends through December 31, 2032 and includes a 5-year option to renew given the achievement of certain sales targets.
+Added: The Karl Lagerfeld term of the license extends through October 31, 2032 with no option to renew.
+Added: We believe the fragrance category is a brand enhancing extension that enables our brands to connect more broadly with global consumers.
+Added: Bass, Vilebrequin, Andrew Marc and Sonia Rykiel brands also have licensed product in a variety of categories.
+Added: We intend to continue to focus on expanding licensing opportunities for our proprietary brands.
+Added: We believe that we can capitalize on significant, untapped global licensing potential for these brands in a number of categories as these provide a highly accretive licensing royalty income stream to the business while extending our brands’ reach to a wider range of global audiences.
+Added: Complementary Portfolio of Licensed Brands
+Added: In addition to our owned brands, licensed brands are a key component of our go-forward strategy.
+Added: Importantly, licensed brands are a capital light way to grow.
+Added: Each brand offers unique attributes that further diversify our portfolio across product, aesthetic, distribution channel and consumer segments.
+Added: Under our license agreements, we are generally required to achieve minimum net sales of licensed products, pay guaranteed minimum royalties, make specified royalty and advertising payments (usually based on a percentage of net sales of licensed products) and receive prior approval of the licensor as to all design and other elements of a product prior to production.
+Added: License agreements may also restrict our ability to distribute the product to agreed upon geographies and channels as well as to enter into new license agreements for competing products or acquire businesses that produce competing products without the consent of the licensor.
+Added: If we do not satisfy any of these requirements or otherwise fail to meet our material obligations under a license agreement, a licensor usually will have the right to terminate our license.
+Added: License agreements also typically restrict our ability to assign or transfer the agreement without the prior written consent of a licensor and generally provide that a change in control, including as a result of the acquisition of us by another company, is considered to be a transfer of the license agreement that would give a licensor the right to terminate the license unless it has approved the transaction.
+Added: Our ability to renew a license agreement may be subject to the discretion of the licensor or to attaining minimum sales and/or royalty levels and to our compliance with the provisions of the agreement.
Sales of licensed products accounted for 48.0% of our net sales in fiscal 2025, 53.4% of our net sales in fiscal 2024 and 58.6% of our net sales in fiscal 2023.
−Removed: Net sales of products under the Calvin Klein and Tommy Hilfiger brands constituted approximately 41.0% of our net sales in fiscal 2024 and approximately 48.0% of our net sales in fiscal 2023.
−Removed: In November 2022, we announced the extension of licenses for Calvin Klein and Tommy Hilfiger products.
−Removed: The amendments to the license agreements for these products provide for staggered extensions by category that expire beginning December 31, 2024 and continuing through December 31, 2027.
−Removed: PVH Corp., the owner of Calvin Klein and Tommy Hilfiger, has indicated that it intends to produce these products itself once the license agreements expire.
−Removed: Unless we are able to increase the sales of our other products, acquire new businesses and/or enter into other license agreements covering different products, the inability to renew the Calvin Klein and Tommy Hilfiger license agreements would cause a significant decrease in our net sales and have a material adverse effect on our results of operations.
−Removed: In March 2023, we announced the signing of a long-term license with Authentic Brands Group for women’s apparel under the Nautica brand in North America.
−Removed: We will produce across a number of categories, starting with jeans then expanding in a phased approach into additional categories including sportswear, suit separates and dresses.
−Removed: The new five-year license agreement, effective as of January 2024, includes three extensions for five years each.
−Removed: First deliveries began in 2024.
−Removed: In May 2023, we announced the signing of a long-term master license with Xcel Brands, Inc.
−Removed: for the Halston brand for all categories of Halston men’s and women’s product.
−Removed: The agreement provides for an initial term of five years, followed by a twenty-year period, with G-III having the right to terminate every five years.
−Removed: We also have a purchase option for the Halston brand at the end of the twenty-five year term.
−Removed: First deliveries of Halston product are expected to begin in the July 2024.
−Removed: In September 2023, we announced the signing of a long-term license with HanesBrands Inc.
−Removed: to design and produce men’s and women’s outerwear collections for their Champion brand in North America.
−Removed: The agreement provides for an initial term of five years, effective as of January 2024, with a five year renewal option based on achieving sales targets.
−Removed: First deliveries of Champion product are expected for the Fall 2024 season.
+Added: Our key licensed brands include:
+Added: Beginning in 2005, we had licenses for Calvin Klein men’s and women’s outerwear and subsequently added licenses for women’s suits, dresses, women’s performance wear, women’s sportswear, men’s and women’s swimwear, women’s handbags, small leather goods, luggage and jeanswear in the United States and Canada.
+Added: By fiscal 2020, we had achieved over $1 billion of net sales of Calvin Klein licensed products annually.
+Added: We will now be transitioning away from this brand over the next four years.
+Added: Our licenses for Calvin Klein products expire on a staggered basis beginning on December 31, 2024 and continuing through December 31, 2027.
+Added: We have the right to request an extension of the Calvin Klein license for the women’s suits category through December 31, 2029.
+Added: Tommy Hilfiger
+Added: Beginning in 2009, we have continuously expanded our relationship with Tommy Hilfiger.
+Added: We have a multi-category womenswear license in the United States and Canada.
+Added: By fiscal 2020, we had achieved $500 million of net sales of Tommy Hilfiger licensed products annually.
+Added: This license for women’s sportswear, dresses, suit separates, performance and jeans are in addition to our Tommy Hilfiger men’s and women’s outerwear license and Tommy Hilfiger luggage license, both also in the United States and Canada.
+Added: Our licenses for Tommy Hilfiger products expire on a staggered basis beginning on December 31, 2025 and continuing through December 31, 2027.
+Added: We have the right to request an extension of the Tommy Hilfiger license for the women’s suits category through December 31, 2029.
+Added: In March 2023, G-III entered into a licensing agreement with Authentic Brands Group for the Nautica brand for distribution in North America.
+Added: The license includes a number of categories under which we currently produce a full women’s jeanswear collection.
+Added: Nautica has strong brand recognition offering iconic modern and nautically inspired designs with a casual fit, feel, and function.
+Added: G-III launched the women’s jeans category in the Spring 2024 and expects to expand to additional lifestyle categories over time.
+Added: The brand serves as a strong addition to our portfolio and complements our current offering of women’s apparel.
+Added: In May 2023, we announced the signing of a 25-year master licensing agreement with Xcel Brands, Inc.
+Added: for the Halston brand giving G-III access to all categories across men’s and women’s product.
+Added: The agreement gives G-III the ability to sub-license additional categories as well as the option to buy the Halston brand for a predetermined price.
+Added: Halston’s simple and classic elegance offers an easy, modern approach to aspirational style.
+Added: We launched the initial product in Fall 2024 and will be expanding distribution across our various channels and geographies.
+Added: In September 2023, we entered into a licensing agreement for Champion, which was recently acquired by Authentic Brands Group, to design and produce men’s and women’s outerwear collections in North America.
+Added: Champion is an iconic American brand born from sport with global recognition, offering athletic apparel with a strong appeal amongst the younger customer.
+Added: G-III launched the Champion outerwear product in Fall 2024 and plans to create quality heritage pieces that expand the brand’s renowned lifestyle offering.
+Added: In September 2024, G-III announced a global licensing agreement for Converse, Inc., to design and produce adult men’s and women’s apparel.
+Added: Converse is an iconic American youth lifestyle brand owned by Nike, Inc.
+Added: with international recognition that meets the ever-shifting demands of the younger consumer.
+Added: We expect to launch this brand in the Fall 2025, and believe this license represents a significant opportunity for G-III as it enables us to expand our active lifestyle business.
+Added: In July 2024, we entered into a licensing agreement with Marquee Brands for its BCBG and BCBG GENERATION brands in the United States and Canada.
+Added: The license includes women’s apparel and swimwear products, focusing on dresses, ready-to-wear separates and comprehensive sportswear collections with an angle of invigorating the brand’s lifestyle vision.
+Added: We expect to launch products under these brands in Fall 2025.
+Added: Our current licenses have the following terms and potential renewal terms:
Date Potential Renewal
Fashion Licenses
+Added: BCBG (Women's apparel)
+Added: December 31, 2029
+Added: December 31, 2044
Calvin Klein (Men's outerwear)
9 unchanged sentences
December 31, 2025
−Removed: Calvin Klein (Women's better sportswear)
−Removed: December 31, 2024
Calvin Klein (Better luggage)
4 unchanged sentences
December 31, 2026
−Removed: Calvin Klein Jeans (Women's jeanswear)
−Removed: December 31, 2024
Champion (Men's and women's outerwear)
4 unchanged sentences
December 31, 2030
+Added: Converse (Men's and women's apparel)
+Added: December 31, 2029
+Added: December 31, 2037
Dockers (Men's outerwear)
9 unchanged sentences
December 31, 2027
−Removed: December 31, 2030
Nautica (Women's sportswear, jeanswear, tailored clothing and dresses)
16 unchanged sentences
December 31, 2030
+Added: December 31, 2035
Team Sports Licenses
11 unchanged sentences
December 31, 2039
−Removed: We have continually sought to increase our portfolio of name brands, product offerings and tiers of distribution because we believe that consumers prefer to buy brands they know and brand owners prefer to engage licensees who have a successful track record of developing brands.
−Removed: Under our license agreements, we are generally required to achieve minimum net sales of licensed products, pay guaranteed minimum royalties, make specified royalty and advertising payments (usually based on a percentage of net sales of licensed products), and receive prior approval of the licensor as to all design and other elements of a product prior to production.
−Removed: License agreements may also restrict our ability to enter into other license agreements for competing products or acquire businesses that produce competing products without the consent of the licensor.
−Removed: If we do not satisfy any of these requirements or otherwise fail to meet our material obligations under a license agreement, a licensor usually will have the right to terminate our license.
−Removed: License agreements also typically restrict our ability to assign or transfer the agreement without the prior written consent of a licensor and generally provide that a change in control, including as a result of the acquisition of us by another company, is considered to be a transfer of the license agreement that would give a licensor the right to terminate the license unless it has approved the transaction.
−Removed: Our ability to renew a license agreement may be subject to the discretion of the licensor or to attaining minimum sales and/or royalty levels and to our compliance with the provisions of the agreement.
−Removed: Proprietary Brands
−Removed: Dating back to the beginning of our company, G-III has sold apparel under its own proprietary brands.
−Removed: Over the years, we developed or acquired brands such as G-III Sports by Carl Banks, Eliza J and Jessica Howard.
−Removed: We also acquired Andrew Marc, an aspirational luxury outerwear brand, G.H.
−Removed: Bass, a well-known heritage brand, and Vilebrequin, a premier swimwear and resort wear brand.
−Removed: In our most significant acquisition to date, we acquired Donna Karan International, which owns DKNY and Donna Karan, two of the world’s most iconic and recognizable brands.
−Removed: In October 2021, we acquired European luxury fashion brand Sonia Rykiel and in May 2022, we acquired the remaining interests that we did not own in the iconic Karl Lagerfeld fashion brand.
−Removed: We currently design, manufacture, distribute and sell products under our own proprietary brands, as well as license our proprietary brands in a variety of categories and across geographies.
−Removed: We continue to seek new licensing opportunities to broaden the reach of these brands and evaluate opportunities to acquire established brands.
−Removed: DKNY and Donna Karan
−Removed: We own two of the world’s most iconic fashion brands:
−Removed: DKNY and Donna Karan.
−Removed: First launched in 1984, DKNY and Donna Karan design, source, market, retail and distribute collections of women’s and men’s clothing, sportswear, handbags, accessories and shoes under the DKNY and Donna Karan brand names.
−Removed: Based on DKNY’s and Donna Karan’s significant brand equity, we believe there are opportunities to expand existing categories, launch new initiatives and develop an even stronger licensing and distribution base.
−Removed: We believe that both the DKNY and Donna Karan brands have the potential for significant growth.
−Removed: In addition, we expect increased revenues from licensing and from sales growth across many categories of the business channels and geographies
−Removed: After acquiring the brands in December 2016, we initially focused on re-positioning and re-launching the DKNY brand.
−Removed: Our DKNY products are designed to merge modern tailoring with sophisticated ease, celebrating the aspirational and practical spirit of New York, with a highly differentiated perspective from Donna Karan.
−Removed: Products developed reflect the DNA of the DKNY brand and visual identity for the new evolution of DKNY.
−Removed: We believe that DKNY is a premier fashion and lifestyle brand.
−Removed: DKNY products produced by us or by our various licensees are sold through department stores, specialty retailers and online retailers worldwide, as well as through company-operated retail stores, digital sites and international brand partners and distributors.
−Removed: We believe that the Donna Karan brand also offers significant growth potential.
−Removed: We are now focused on the re-positioning and expansion of the brand with first deliveries made for Spring 2024.
−Removed: The new Donna Karan is a modern system of dressing created to appeal to a woman’s senses on every level, addressing the full lifestyle needs of a new consumer.
−Removed: Inspired by the Donna Karan archives, we have thoughtfully created a new product line that captures the brand’s ethos of timeless elegance, empowering women and accessible luxury, tailored to meet the lifestyle needs of today’s customer.
−Removed: Donna Karan product is distributed in better department stores, digital channels and our own Donna Karan website in North America.
−Removed: Donna Karan is widely considered a top fashion brand and is recognized as one of the most famous designer names in American fashion.
−Removed: Our initial product offerings are resonating with consumers.
−Removed: The excitement and global attention created by this launch has generated momentum and we believe we can expand the brand globally over
−Removed: We believe that the strength of the Donna Karan brand, along with our success with the DKNY brand, demonstrates the potential for our new Donna Karan products.
−Removed: We believe there are significant opportunities to enhance the digital business of DKNY and Donna Karan, prudently manage the retail store base for DKNY over the long term and capitalize on our industry relationships in seeking premium placement for DKNY and Donna Karan product categories in department and other retail stores globally.
−Removed: Karl Lagerfeld
−Removed: In May 2022, we acquired the remaining interests in the Karl Lagerfeld fashion brand that we did not own.
−Removed: The addition of the Karl Lagerfeld fashion brand to the G-III portfolio of owned brands advances several of our strategic initiatives, including increasing the direct ownership of brands, capitalizing on their licensing opportunities and further diversifying our global presence.
−Removed: This acquisition represents a significant opportunity to expand our international presence by further developing our European-based brands which also include Vilebrequin and Sonia Rykiel.
−Removed: We believe that Karl Lagerfeld’s existing digital channel presence could enable us to enhance our omni-channel business and further accelerate our digital initiatives.
−Removed: The influential legacy of the Karl Lagerfeld brand embodies a creative expression that aligns with our goal to provide innovative products for our customers.
−Removed: The iconic Karl Lagerfeld brand is known for its signature aesthetic combining Parisian classics with a rock-chic attitude and tailored silhouettes.
−Removed: Its portfolio of accessible, aspirational collections includes ready-to-wear apparel for women, men and children, as well as handbags and small leather goods.
−Removed: Licensed collections include watches, eyewear, footwear, perfumes, candles and fashion jewelry.
−Removed: As of January 31, 2024, Karl Lagerfeld products are distributed through more than 200 stores worldwide, including 70 company-operated stores, located primarily internationally and through digital channels.
−Removed: In addition, Karl Lagerfeld is distributed through a premium wholesale distribution network in Europe, the Middle East and Asia.
−Removed: Vilebrequin is a premier provider of status swimwear, resort wear and related accessories.
−Removed: Vilebrequin products are sold in over 100 countries around the world.
−Removed: We believe that Vilebrequin has the potential to significantly develop its distribution network worldwide and expand its product offerings.
−Removed: A majority of Vilebrequin’s current revenues are derived from sales in Europe and the United States.
−Removed: As of January 31, 2024, Vilebrequin products were distributed through select wholesale distribution, 104 company-operated stores and 95 licensed stores across over 100 countries, as well as digitally on www.vilebrequin.com.
−Removed: Vilebrequin’s iconic designs and reputation are linked to its French Riviera heritage arising from its founding in St.
−Removed: Tropez over forty years ago.
−Removed: Vilebrequin’s men’s swimwear, which accounts for the majority of its sales, is known for its exclusive prints, wide range of colors, attention to detail, fabric quality and well-designed cuts.
−Removed: In addition to men’s swimwear, Vilebrequin sells a collection of women’s swimwear, children’s swimwear, men’s resort wear, women’s resort wear, children’s resort wear and related accessories including hats, beach bags, beach towels, shoes, sunglasses, watches and pool floats.
−Removed: We believe that Vilebrequin is a powerful brand.
−Removed: We plan to continue adding more company operated and franchised retail locations and increase our wholesale distribution of Vilebrequin products throughout the world.
−Removed: In April 2023, Vilebrequin opened the first Vilebrequin Beach club in Cannes, France.
−Removed: Vilebrequin also opened a branded beach cabana club at the Boca Raton Hotel in Florida.
−Removed: In the fall of 2023, Vilebrequin entered into a multi-year licensing agreement with a developer of a luxury lifestyle hotel in Miami Beach, Florida to design a rooftop pool deck, restaurant and retail store that is expected to open in late 2024.
−Removed: These hospitality offerings are expected to expand Vilebrequin’s brand awareness.
−Removed: We expect to continue to expand with store openings in global key markets and reinforce the luxury status of Vilebrequin through immersive brand experiences.
−Removed: In October 2021, we purchased European luxury fashion brand Sonia Rykiel.
−Removed: Sonia Rykiel, who created this well-known brand, was one of the leading figures of Parisian fashion.
−Removed: We relaunched the brand in the fall of 2022 with collections that
−Removed: celebrate the brand’s legacy and archives.
−Removed: We are seeking to reinforce Sonia Rykiel’s position in relevant markets and we plan to further expand the brand’s global footprint in fiscal 2025.
−Removed: We are committed to preserving Sonia Rykiel’s distinct identity while embracing fresh perspectives and creative collaborations.
−Removed: Licensing of Proprietary Brands
−Removed: As our portfolio of propriety brands has grown, we have licensed these brands in new categories.
−Removed: We began licensing Andrew Marc, Vilebrequin, Sonia Rykiel and G.H.
−Removed: Bass in selected categories after acquiring these brands.
−Removed: Our licensing program has significantly increased as a result of owning the DKNY, Donna Karan and Karl Lagerfeld and Karl Lagerfeld Paris brands.
−Removed: We currently license our proprietary brands in a variety of categories and continue to seek new licensing opportunities to broaden the reach of these brands.
−Removed: We have strong relationships with category leading license partners, including, but not limited to, Marchon, Komar and Inter Parfums.
−Removed: The DKNY and Donna Karan brands have worldwide license agreements for a broad array of products including fragrance, intimates, eyewear, bedding and bath products and women’s sleepwear and loungewear.
−Removed: Additionally, we license the DKNY brand in the United States and internationally for children’s clothing, children’s footwear, men’s and women’s watches, jewelry, men’s tailored clothing, men’s sportswear, men’s dress shirts, men’s underwear, men’s loungewear, men’s swimwear, men’s and women’s golfwear, men’s and women’s socks, furniture, tech accessories and rugs.
−Removed: We have a long-term global licensing agreement with Inter Parfums, Inc.
−Removed: for the creation, development and distribution of fragrances and fragrance-related products under the DKNY and Donna Karan brands.
−Removed: The initial term of the license extends through December 31, 2032 and includes a 5 year option to renew given the achievement of certain sales targets.
−Removed: We believe the fragrance category enables our brands to connect more broadly with global consumers.
−Removed: We have also recently entered into license agreements for the creation, development and distribution of men’s underwear under the DKNY and DKNY Sport brands in the United States and Canada, tech accessories under the DKNY brand throughout the world and rugs under the DKNY brand in North America.
−Removed: We intend to continue to focus on expanding licensing opportunities for the DKNY and Donna Karan brands.
−Removed: We believe that we can capitalize on significant, untapped global licensing potential for these brands in a number of categories and we intend to grow royalty streams by expanding existing licenses, as well as through new categories with new licensees.
−Removed: We license the Karl Lagerfeld brand for a wide range of product categories including, but not limited to, footwear, men’s apparel, fragrances, children’s clothing, eyewear and tech accessories.
−Removed: Additionally, we license the Karl Lagerfeld Paris brand for bedding and bath products.
−Removed: We license the G.H.
−Removed: Bass brand in the United States and internationally for men’s, women’s and children’s footwear, children’s clothing, men’s and women’s sportswear apparel and bedding and bath products.
−Removed: We license the Andrew Marc brand in North America for men’s and boy’s tailored clothing and men’s and women’s denim.
−Removed: We license the Vilebrequin brand internationally for fragrance and soap related products, watches, denim and paddleboards.
−Removed: We license the Sonia Rykiel brand internationally for children’s apparel, women’s footwear and women’s fashion jewelry.
−Removed: Retail Operations
−Removed: As of January 31, 2024, our retail operations segment consisted of 53 stores operated under our Karl Lagerfeld Paris and DKNY brands, as well as digital channels for the DKNY, Donna Karan, Karl Lagerfeld Paris, G.H.
−Removed: Bass, Andrew Marc and Wilsons Leather businesses.
−Removed: Our Karl Lagerfeld Paris stores offer a range of products including sportswear, dresses, outerwear, handbags and footwear.
−Removed: Our DKNY stores offer a large range of products including sportswear, dresses, outerwear, handbags, footwear and athleisure apparel.
−Removed: We are developing additional digital marketing initiatives on our websites and through social media.
−Removed: We are investing in digital personnel, marketing, logistics, planning, distribution and other strategic opportunities to expand our digital footprint.
−Removed: Our digital business for our retail operations segment consists of our own web platforms at www.dkny.com, www.donnakaran.com, www.karllagerfeldparis.com, www.ghbass.com and www.wilsonsleather.com.
−Removed: Our digital business also includes our own web platforms at www.vilebrequin.com, www.soniarykiel.com and www.karl.com which are part of our wholesale operations segment.
−Removed: We sell our products over the web through retail partners such as macys.com, nordstrom.com and dillards.com, each of which has a substantial online business.
−Removed: In addition, we sell to leading online retail partners such as Amazon, Fanatics, Zalando and Zappos.
+Added: Our Strategic Priorities
+Added: We are focused on the following strategic priorities, which we believe are critical to our long-term success:
+Added: Drive Growth of Our Owned Brands
+Added: G-III owns a portfolio of globally recognized brands with a significant runway for growth across lifestyle product offerings as well as geographies.
+Added: Owned brands offer several key advantages including full control of the brand’s global distribution across channels, including omni-channel, pure-play, off-price retailers and direct-to-consumers through company operated stores and digital sites.
+Added: Once at scale, these brands have the ability to generate higher operating margins as there is no royalty fee paid on the sale of the brands’ product.
+Added: We also have the ability to license owned brands in new product categories, which G-III does not produce, generating an incremental royalty income stream that enhances the brand’s margins.
+Added: Further, we have the ability to build brand equity, benefiting the long-term interests of G-III’s shareholders.
+Added: We believe we have a significant runway for growth in North America as well as internationally for our key owned brands DKNY, Donna Karan, Karl Lagerfeld and Vilebrequin.
+Added: We are actively working to unlock the full potential of these brands on a global scale.
+Added: Build Our Complementary Portfolio of Licensed Brands
+Added: Our extensive portfolio of licensed brands is complementary to our owned brand business as it broadens our reach to consumers through a full range of lifestyle product categories while driving incremental licensing revenue to G-III.
+Added: The most well-known brands in fashion look to partner with us because of our experienced talent, significant expertise in developing a broad range of product, our infrastructure and our status as a supplier of choice for retailers.
+Added: We are constantly monitoring the market and seeking brands with strong consumer recognition and the ability to drive profitable sales by leveraging our platform and established infrastructure.
+Added: In fiscal 2025, we brought to market three new licensed brands, including Nautica Jeans, which launched in Spring 2024, as well as Halston and Champion, which launched in Fall 2024.
+Added: We plan to grow these brands as we expand distribution and launch new product over the course of these multi-year licenses.
+Added: Additionally, we also signed two new licensing agreements in fiscal 2025 for Converse and BCBG, which we plan to launch in Fall 2025.
+Added: Our licensed team sports business had strong double-digit growth in fiscal 2025.
+Added: We believe the diversification of our complementary portfolio of licensed brands and as well as their distribution will allow us to mitigate the loss of our Calvin Klein and Tommy Hilfiger licenses.
+Added: Expand Our Global Reach
+Added: We intend to leverage the strength of our brands and our ability to connect with customers to grow our brands internationally and unlock incremental sales in new global markets.
+Added: In fiscal 2025, we generated approximately $719 million in net sales outside the United States, or approximately 23% of total net sales.
+Added: We currently have a presence internationally with our DKNY, Karl Lagerfeld and Vilebrequin brands.
+Added: The addition of the Karl Lagerfeld brand in fiscal 2023 to the G-III portfolio of owned brands advanced our strategic priority to further expand our global reach.
+Added: Karl Lagerfeld is growing its retail footprint through partner and company operated stores across Europe.
+Added: Further, our experiential licenses with partners for brand activated hotels and luxury villas showcase the brand’s lifestyle allure and drive consumer engagement while keeping the brand relevant in overseas markets.
+Added: Our Vilebrequin brand is a premier provider of status swimwear, resort wear and related accessories.
+Added: The brand advanced its lifestyle appeal by opening its first beach club in the Spring of 2023, located in the idyllic setting of Cannes on the Mediterranean Sea, bringing the essence of high-end beach culture and the timeless chic vibe to life.
+Added: Vilebrequin continues to grow through company and partner operated stores and has plans to open additional partner operated beach concepts by the end of 2027.
+Added: We are in the early stages of extending our DKNY and Donna Karan brands internationally.
+Added: We believe our brands’ existing presence in North America and Europe demonstrates our ability to expand them internationally across new markets in Europe, Asia-Pacific and Latin America.
+Added: We expect to unlock significant growth by scaling our brands holistically and continuing to build out our operational capabilities overseas.
+Added: In fiscal 2025, we acquired an 18.7% ownership stake in AWWG, a global fashion group and premier platform for international brands, whose partnership, we believe, will be a key accelerator to our international growth priority.
+Added: AWWG is the owner of several iconic brands including Hackett, Pepe Jeans and Façonnable as well as the manager of other global brands in the Iberian region.
+Added: We plan to leverage AWWG’s well-established infrastructure and experienced management overseas to scale our brands in new geographies.
+Added: AWWG has become the official agent for DKNY, Donna Karan and Karl Lagerfeld across Spain and Portugal, and we believe there is significant opportunity to leverage this partnership further and expand into additional key markets across Europe and Asia, where AWWG has a presence.
+Added: Additionally, we are exploring opportunities to manage certain brands owned by AWWG in North America.
+Added: Our investment in AWWG will expedite our global expansion efforts, providing us with the expertise and operational capabilities to scale our brands efficiently as we gain a foothold and better understanding of the retail environment in Europe and new markets.
+Added: Execute our Turnaround Strategy to Bring O ur North American Retail Segment to Profitability
+Added: In fiscal 2024, we began executing our retail segment turnaround strategy in North America, which we expect will significantly reduce losses and present a better in-person brand experience to consumers.
+Added: This strategy includes management changes, evaluating our store footprint, and rebasing the merchandising strategy.
+Added: In fiscal 2025 we reduced our losses in the segment by more than half compared to fiscal 2024 and saw improvement in the overall productivity of
+Added: our DKNY and Karl Lagerfeld Paris direct-to-consumer businesses with increased comparable store sales compared to the year prior.
+Added: We believe continued execution of these turnaround initiatives will create a profitable retail business.
+Added: Platform for Success
+Added: Merchant expertise in product development.
+Added: G-III has developed best-in-class, seasoned merchant teams capable of developing lifestyle product for a diverse portfolio of brands.
+Added: These teams create high quality, well-designed apparel for our retailers across our diversified channels, serving consumers across a range of price points.
+Added: Each of our branded businesses employs its own team of designers and merchandisers who are responsible for conceptualizing and implementing the design direction for the brand across categories that offer a compelling mix of products.
+Added: This structure has enabled us to produce differentiated collections for each brand.
+Added: We maintain a global pulse on styles, using trend services and color services to enable us to quickly respond to style changes in the apparel industry.
+Added: We utilize real-time data and analytics tools, enabling merchandisers to gain a deeper understanding of customer behavior that empowers our teams to quickly respond to changes in consumer preferences and continuously evolve product assortments to fuel growth.
+Added: We believe that we have developed a significant customer following and positive reputation in the industry as a result of our design capabilities, sourcing expertise, on-time delivery and high standards of quality control.
+Added: Our service, brand stewardship and industry expertise have made us a partner of choice to retailers and brand owners.
+Added: Dominance across a range of categories to deliver a full lifestyle offering.
+Added: G-III has a proven track record of expertise, having significantly diversified from outerwear to a broad range of other categories over the last 20 years.
+Added: We design, source and market women’s and men’s apparel at a wide range of retail price points.
+Added: Our design-led, commercially informed lifestyle brand operations strive to provide exciting, differentiated products each season across over 20 apparel, accessory and footwear categories that capture each brand’s unique aesthetic.
+Added: Our product offerings primarily include outerwear, dresses, sportswear, suit separates, athleisure, jeans, swimwear, as well as handbags, footwear, small leather goods, cold weather accessories and luggage.
+Added: We believe the potential of our brands will assist us in gaining new customers and expanding our product offerings.
+Added: We have increased our focus on diversifying our portfolio of brands to grow our market share across our distribution channels.
+Added: In fiscal 2025, we launched several new brands to our portfolio including Donna Karan, Nautica, Halston and Champion.
+Added: Additionally, in fiscal 2026 we will launch Converse and BCBG.
+Added: We believe we can unlock the potential of these brands and expand them into a broad range of lifestyle categories as we diversify their product offerings.
+Added: Well- developed sourcing and supply chain infrastructure.
+Added: G-III has a trust-based relationship with its vendors, built over the last 40 years, that is a key core competency and forms the foundation of our global supply chain infrastructure.
+Added: We support and cultivate these relationships by continuously investing management time while also maintaining a physical presence in key jurisdictions.
+Added: Our network of worldwide suppliers allows us to access the highest quality products, negotiate competitive terms without relying on any single vendor, access new technology and design insights and enhance our market intelligence.
+Added: Additionally, we employ sourcing and quality control teams that have deep-rooted knowledge with respect to our manufacturers and operate with a local presence.
+Added: By working closely with our global partners on all aspects of the supply chain, we aim to safeguard against potential disruptions.
+Added: We believe that we have a long-standing competitive advantage with our current supply chain network and remain focused on implementing strategies that bolster and further diversify our global sourcing and production capabilities while leveraging best practices.
+Added: Diversified business mix across distribution channels, price points and consumers.
+Added: We market our products at multiple price points and across multiple channels of distribution, allowing us to reach a broad range of customers globally.
+Added: Our products are sold to approximately 1,600 customers, including a cross section of retailers through their brick-and-mortar and digital channels as well as our online retail partners.
+Added: We have established strong relationships with retailers through many years of personal customer service and our objective of meeting or exceeding retailer expectations.
+Added: The growing importance of e-commerce and the digital marketplace within the retail sector has led us to continuously adapt our business and expand our omni-channel capabilities and presence across channels.
+Added: Additionally, we also distribute products to our own direct to consumer businesses including our company operated retail stores and digital sites.
+Added: As economic conditions waver and consumer trends change, we believe that our deep-rooted relationships across the retail landscape, diversified brands serving a wide range of consumers and our product portfolio mix that covers a broad mix of price points allow us to operate on a flexible and advantageous basis.
+Added: Experienced management team.
+Added: Our executive management team has worked together for a significant period of time and has extensive experience in the apparel industry.
+Added: Morris Goldfarb, our Chairman and Chief Executive Officer, has been with us for over 50 years.
+Added: Sammy Aaron, our Vice Chairman and President, joined us in 2005 when we acquired Marvin Richards.
+Added: Neal Nackman, our Chief Financial Officer, has been with us for more than 20 years and Jeffrey Goldfarb, our Executive Vice President, has been with us for over 20 years.
+Added: In addition, in January 2024, Dana Perlman, who has over 20 years of experience in the apparel industry, joined us as our Chief Growth and Operations Officer.
Products — Development and Design
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We also market footwear and accessories including women’s handbags, small leather goods, cold weather accessories, and luggage.
+Added: G-III offers a wide range of products under our own proprietary brands.
+Added: See “Key Owned Brands” above.
G-III’s licensed apparel consists of both women’s and men’s products in a broad range of categories.
−Removed: See “Wholesale Operations — Licensed Products” above.
+Added: See “Complementary Portfolio of Licensed Brands” above.
We seek licenses that will enable us to offer a range of products targeting different price points and different distribution channels.
−Removed: We also offer a wide range of products under our own proprietary brands.
We work with a diversified group of retailers, such as Macy’s, Harley-Davidson, Costco, Kohl’s and Ross Stores in developing product lines that are sold under their private label programs.
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We believe we have established a reputation among these buyers for our ability to produce high quality product on a reliable, expeditious and cost-effective basis.
−Removed: Our in-house designers are responsible for the design and look of our licensed, proprietary and private label products.
+Added: Our in-house designers are responsible for the design and look of our owned, licensed and private label products.
We work closely with our licensors to create designs and styles for each of our licensed brands.
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Our sourcing operations are based in China and Hong Kong in order to facilitate better service and manage the volume of manufacturing in Asia.
−Removed: These offices act as an agent for substantially all of our sourcing in Asia and monitors production at manufacturers’ facilities to ensure quality control, compliance with our manufacturing specifications and social
−Removed: responsibility standards, as well as timely delivery of finished garments to our distribution facilities.
+Added: These offices act as an agent for substantially all of our sourcing in Asia and monitor production at manufacturers’ facilities to ensure quality control, compliance with our manufacturing specifications and social responsibility standards, as well as timely delivery of finished garments to our distribution facilities.
We also have sourcing offices in Vietnam, Indonesia, Jordan and Bangladesh to help support these efforts.
−Removed: Prior to placing production, and on a recurring basis, we conduct assessments of political, social, economic, environmental, trade, labor and intellectual property protection conditions in the countries in which we source our products, and we conduct assessments of our manufacturers and supply chain, as discussed under “Vendor Code of Conduct” below.
−Removed: In connection with the manufacture of our products, manufacturers purchase raw materials including fabric and other materials (such as linings, zippers, buttons, and trim) at our direction.
+Added: Prior to placing production, and on a recurring basis, we review the political, social, economic, environmental, trade, labor and intellectual property protection conditions in the countries in which we source our products, and we conduct assessments of our manufacturers and supply chain, as discussed under “Vendor Code of Conduct” below.
+Added: In connection with the manufacture of our products, manufacturers purchase raw materials including fabric and other materials (such as
+Added: linings, zippers, buttons, and trim) at our direction.
We regularly inspect and supervise the manufacture of our products in order to ensure timely delivery, maintain quality control and monitor compliance with our manufacturing specifications.
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The goods are delivered to our customers and us by independent shippers.
−Removed: We choose the form of shipment (principally ship, truck or air) based upon a customer’s needs, cost and timing considerations.
+Added: We choose the form of shipment based upon a customer’s needs, cost and timing considerations.
We expect all of our suppliers shipping to the United States to adhere to the requirements of the U.S.
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In the event a supplier does not comply with our C-TPAT requirements, or if we have determined that the supplier will be unable to correct a deficiency, we may move that supplier’s product through alternative supply chain channels or we may terminate our business relationship with the supplier.
+Added: In February 2025, the current administration imposed an additional 10% tariff on imports from China beyond the previous 25% tariff that was already in place.
+Added: In March 2025, the current administration announced plans to impose an additional 10% tariff on certain products imported from China.
+Added: The current administration has also indicated the potential for additional increases to tariffs on imports into the United States from China as well as other countries.
+Added: In fiscal 2025, we sourced 33% of our product from China, which is a decrease by more than half from our highest levels of sourcing from China that we experienced years ago as we made significant efforts to better diversify our supply chain.
Vendor Code of Conduct
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As of January 31, 2025, we employed approximately 3,500 persons on a full-time basis and approximately 1,100 on a part-time basis.
−Removed: We employ both union and non-union personnel and believe that our relations with our employees are good.
−Removed: We have not experienced any interruption of our operations due to a labor disagreement with our employees.
−Removed: We are an Equal Opportunity Employer with policies, procedures and practices that recognize the value and worth of each individual, covering matters such as safety, training, advancement, discrimination, harassment and retaliation.
−Removed: We provide training on important issues to our personnel.
+Added: We employ both union and non-union workforces and believe that our relationships with our employees are positive.
+Added: We have not experienced any interruption to our operations due to a labor disagreement with our employees.
+Added: We are an Equal Opportunity Employer with policies, procedures and practices that recognize the value and worth of everyone, covering matters such as safety, training, advancement, discrimination, harassment and retaliation, and provide trainings on these important issues to our workforce.
G-III ensures compliance with labor and employment law issues through a variety of processes and procedures, using both internal and external expertise and resources.
−Removed: We continue to work towards achieving a stronger, more engaging workplace coupled with a foundation for enhancing the employee experience by continuing to promote our passion for our product, pride in our partnerships, our accountability and our entrepreneurial spirit.
−Removed: We are committed to providing a healthy work environment that allows employees to feel highly valued, productive and effective within their jobs by maintaining an inclusive environment which we believe positively impacts employee engagement.
−Removed: Our employees are the heart of our organization and our ongoing emphasis to recruit and retain the best talent in our industry continues as a top priority.
−Removed: We are constantly striving to build upon and improve our talent acquisition and selection processes, onboarding experience and training initiatives.
−Removed: Diversity, Equity and Inclusion
−Removed: We are a diverse workplace and know that, to succeed, we must become an even more diverse, equitable and inclusive organization.
−Removed: Currently, approximately 60% of our leadership team and 72% of our overall workforce self-identify as women, and 48% of our overall workforce identify as Black, Indigenous and People of Color (“BIPOC”).
−Removed: Of our fourteen Board members, there are four women and four people of diverse backgrounds, exceeding NASDAQ requirements for board diversity.
+Added: Our people are the heart of our organization and we are committed to fostering a strong and engaged workforce by attracting and retaining best-in-class talent and creating an inclusive environment where everyone can learn and grow.
+Added: Through trainings, lunch and learns, and other opportunities for mentorship, we are continuously evolving how we can further support our employees so they feel highly valued, productive and effective within their jobs.
+Added: We believe that our collective passion for what we create and produce, pride in our partnerships, accountability for how we show up every day and our unwavering entrepreneurial spirit, all contribute to G-III’s culture.
+Added: We believe that having an inclusive workplace is essential to success and are committed to providing opportunities for all.
+Added: Currently, approximately 63% of our leadership team and 73% of our overall workforce are women, and 49% of our overall workforce identify as Black, Indigenous and People of Color (“BIPOC”).
+Added: Of our thirteen Board members, there are four women and four people of diverse backgrounds.
We recognize that insights and ideas from a diverse range of backgrounds will better position us for the future and continue to work towards increasing Board diversity.
−Removed: Our commitment to Diversity, Equity and Inclusion also extends outside of our business.
−Removed: We are a founding member of the groundbreaking Social Justice Center at the Fashion Institute of Technology (“FIT”), a premier fashion university, whose purpose is to help establish a program that is intended to increase opportunities and accelerate social equity for BIPOC persons entering our industry for years to come.
−Removed: Additionally, we continued our partnership with UNCF (“United Negro College Fund”) by sponsoring two enriching and rewarding student internships.
−Removed: These interns were provided room and board at FIT.
−Removed: They participated in a program that consisted of educational master class sessions and experienced New York theatre and other local programs.
−Removed: In addition, we funded two scholarships through UNCF.
−Removed: In fiscal 2025, we will continue to support our diversity efforts by working directly with Historically Black Colleges and Universities by providing two students the opportunity to gain firsthand experience working at G-III.
−Removed: Diversity, Equity and Inclusion are at the heart of G-III’s values.
−Removed: We strive to create a workplace with opportunities for all.
−Removed: We have made progress and intend to continue to do so in the coming years.
+Added: We are proud to continue to support The Social Justice Center at the Fashion Institute of Technology (“FIT”), a premier fashion university, whose purpose is to help establish a program that is intended to increase opportunities and accelerate social equity for BIPOC persons entering our industry for years to come.
Talent Acquisition, Development and Retention
Having the right talent in the organization is one of the most critical aspects of our business.
−Removed: This year our HR team focused on hiring, developing and retaining talent.
−Removed: After a successful launch of our Lunch and Learn program facilitated by our leadership team, we have continued the program by offering a second semester of courses that will provided an opportunity for continuous learning about our business.
+Added: This year our HR team focused on hiring, developing and retaining talent and brought in key talent that have made a positive impact in the organization.
+Added: After a successful launch of our Lunch and Learn program facilitated by our leadership team, we have continued the program by offering courses that provided an opportunity for continuous learning about our business.
We have procured a training solution program that will incorporate a G-III Master Class training library that will make these sessions and other educational tools accessible to our employees.
−Removed: Through our aggressive recruiting, we have been able to bring in best-in-class talent.
−Removed: We had several key hires at the Company, including our Chief Growth and Operations Officer, Dana Perlman, who has significant industry experience through her over 20-year career in apparel, strategy and finance.
Compensation, Benefits, Safety and Wellness
We firmly believe our comprehensive benefit programs are an integral part of our talent acquisition, retention and overall employee experience.
+Added: Supporting the health and wellness of our associates and their loved ones is a top priority and we are proud to offer comprehensive benefits and resources centered around physical, mental and financial wellbeing.
+Added: These are tailored to our regional businesses to best support our associates.
We continually evaluate and benchmark our programs to ensure they remain competitive, on-trend and meet compliance.
−Removed: Our fiscal 2025 goals include enhancing our employee education on the value of our benefit programs.
−Removed: We successfully re-introduced our onsite Benefits and Health Fair for corporate employees for the first time
−Removed: since the pandemic.
−Removed: In addition to our benefit programs, we annually recognize the tenure of our employees with service awards and celebrated 98 employees with service of 10, 20, 25, 30, and 35 years.
−Removed: We look forward to continuing this longstanding G-III tradition.
+Added: For fiscal 2026, we will prioritize education and calls to action to ensure our employees understand and take part in all the benefits and programs we offer.
+Added: In addition to our benefit programs, we annually recognize the tenure of our employees with service awards and this year we celebrated 80 employees with service of 10, 20, 25, 30, 35 and 40 years.
Corporate Social Responsibility
−Removed: We invested significant time and resources furthering our key initiatives, developing programs and expanding our Corporate Social Responsibility (“CSR”) agenda.
−Removed: We have made important progress to reinforce our social and environmental standards as we continue to refine our oversight of our supply chain.
−Removed: ● Engage Our People – In line with our entrepreneurial spirit, we have worked hard to advance our strategic priorities and build upon the success of fiscal 2023, skillfully navigating through another tough environment.
−Removed: We remain focused on fostering a stronger, more engaging workplace for our employees.
−Removed: We have invested in new HR systems to enhance our recruitment process and talent retention to ensure we bring in and keep best-in-class talent, and we have expanded our Lunch and Learn programs, led by our leadership team, to facilitate opportunities for continuous learning and development for our team.
−Removed: We recognize the importance of ensuring the workers in our supply chain are treated fairly and our vendors are abiding by our Vendor Code of Conduct.
−Removed: Thus, we work closely with suppliers to develop and implement strategies that align with our social and environmental standards.
+Added: We invest significant time and resources to further our Corporate Social Responsibility (“CSR”) strategy and have made important progress in reinforcing our social and environmental standards to stay aligned with new regulations and industry-wide efforts.
+Added: Engage Our People
+Added: Our associates drive our growth and success, and as we continued to focus on our long-term growth plans in fiscal 2025, we prioritized fostering a stronger, more engaging workplace.
+Added: We implemented associate engagement initiatives supporting our brands and culture and offered training and development opportunities in areas important to our associates,
+Added: including Lunch and Learns with our leadership teams.
+Added: We continued our investments in technology, including new Human Resources systems, to further evolve our ways of working.
+Added: We are committed to ensuring the workers in our supply chain are treated fairly and our vendors abide by our Vendor Code of Conduct.
+Added: We work closely with suppliers to develop and implement strategies that align with our social and environmental standards.
We have also enhanced the effectiveness of our supplier audits through our continued participation in the Social & Labor Convergence Program, allowing us to reduce the number of audits for suppliers, lessening redundancies in shared audits, and better assist factories to focus on addressing their most pressing issues.
−Removed: Forced labor continues to be a point of focus across our industry, and we work closely with our supply chain partners to mitigate the risk of forced labor being used to make our products or raw materials utilized in our products.
−Removed: We have advanced our internal cotton traceability program through the implementation of annual Cotton Compliance Monitoring training sessions to educate our staff and factories about our requirements and procedures for ensuring the ethical sourcing of cotton.
+Added: Ending forced labor continues to be a priority in our industry, and we work closely with our supply chain partners to mitigate the risk of forced labor being used to make our products or raw materials utilized in our products.
+Added: We continue to advance our internal cotton traceability program by conducting our annual Cotton Compliance Monitoring training sessions to educate our staff and factories about our requirements and procedures for ensuring the ethical sourcing of cotton.
We are enhancing our program by working on ways to couple these traceability lessons with other materials in our products.
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We also continue to leverage the testing capabilities of ORITAIN TM to trace materials back to their fiber origins to mitigate the risk that forced labor is used in our supply chain.
−Removed: We routinely engage with counsel and industry organizations with respect to regulatory developments to ensure our practices and procedures are aligning with the continually developing regulatory landscape, and we remain committed to ensuring proper treatment for everyone who works in our supply chain.
−Removed: ● Protect Our Environment – We continue to work towards reducing the environmental impact of our own operations and that of our entire supply chain by enacting sustainable fashion practices and working closely with our supply chain partners.
−Removed: This year also marked our second year as a part of the Sustainable Apparel Coalition (“SAC”) as we continue to collaborate with others in the industry to strengthen our social and environmental programs and improve vendor performance.
−Removed: We are implementing the SAC’s Higg Facility Environmental Module across our Tier 1 and 2 supplier factories, providing us with greater insight into their environmental impact and allowing us to identify opportunities for further improvement.
−Removed: We are making progress on our goal to transition our synthetic materials to 100% recycled sources by 2030.
−Removed: We are also working to increase the use of recycled, organic, and natural fibers, and we are introducing recycled synthetic fibers certified by the Global Recycled Standard or the Recycled Claim Standard into a growing number of our products.
+Added: We routinely engage with counsel and industry organizations to ensure our practices and procedures align with the continually developing regulatory landscape.
+Added: Protect Our Environment
+Added: We continue to assess and implement the changes we can make to mitigate the environmental impact of our own operations and that of our entire supply chain.
+Added: We do this by prioritizing partnerships with vendors and factories that share this commitment and work together to ensure they are well-positioned to meet both our own requirements and a continuously evolving regulatory landscape.
+Added: As a member of groups such as Cascale (formerly the Sustainable Apparel Coalition (“SAC”)), we continue to collaborate with others in the industry to strengthen our social and environmental programs and improve vendor performance.
+Added: We completed our Scope 1 & 2 greenhouse gas emissions (“GHGe”) footprint and are working on our Scope 3 with the goal of establishing targets and remediation for reducing our impact in the future.
+Added: We are making progress on our goal to transition our synthetic materials to 100% recycled sources by 2030 and are working to establish a baseline for additional sustainability targets.
+Added: We are also working to increase the use of recycled, organic, and natural fibers, and successfully introduced recycled synthetic fibers certified by the Global Recycled Standard or the Recycled Claim Standard into a growing number of our products.
Notably, in 2024, Vilebrequin, our premier European swimwear brand, manufactured over 85% of its products from preferred materials which consistently deliver reduced impacts and increased environmental benefits.
−Removed: Over the past year we have furthered our work with our sustainability consultants and are collecting Scope 1 and Scope 2 emissions data from across our Company to better understand our GHG emissions.
−Removed: Once we have established our baseline, we will work to implement best practices to reduce our environmental impact.
−Removed: We are also focused on collecting our Scope 3 data and are developing our long-term sustainability strategy.
−Removed: ● Invest in Our Communities – Consistent with our longstanding commitment to philanthropy, we have continued to maximize opportunities with our charitable partners, including Ronald McDonald House, Women in Need (“WIN”), Delivering Good, Hetrick Martin Institute and City Harvest.
−Removed: We have developed an internal associate committee so our employees can actively engage in developing and executing charitable initiatives across our organization.
+Added: To support our circularity efforts, both Karl Lagerfeld and Vilebrequin offer repair services to extend garment life, and across our portfolio, we work with our partners to seek alternative solutions for unsold products.
+Added: Invest in Our Community
+Added: Our longstanding commitment to philanthropy and supporting the communities where we work and live is embedded in who we are.
+Added: We are focused on maximizing our global impact through partnerships with key organizations across several pillars, including education, children and families, diversity and combatting homelessness.
+Added: Beyond our corporate contributions, our associate philanthropic council collaborates with our brands and businesses to develop and execute charitable initiatives that provide volunteer opportunities for our associates.
+Added: This year, we expanded our efforts and launched GIII Gives, a platform to make charitable giving and volunteering easier for our associates.
+Added: As part of this, we introduced a Matching Gift program to support the causes important to our people.
We have a solid foundation in place, which we continue to build upon as we build our new Corporate Sustainability Strategy centered around our core CSR principles:
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It has not been determined whether the potential future re-authorization of the GSP program will be fully retroactive and what will be the duration such re-authorization.
+Added: Political Environment
+Added: The potential impact of new policies that may be implemented as a result of the new administration is currently uncertain.
+Added: Any resulting changes in international trade relations, legislation and regulations (including those related to taxation and importation), economic and monetary policies, heightened diplomatic tensions or political and civil unrest, among other potential impacts, could adversely impact the global economy and our operating results.
Marketing and Distribution
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Bass, Wilsons Leather and Sonia Rykiel businesses, as well as the digital channels of our retail partners such as Macy’s, Nordstrom, Amazon, Fanatics, Zalando and Zappos.
−Removed: Sales to our ten largest customers accounted for 70.1% of our net sales in fiscal 2024, 74.2% of our net sales in fiscal 2023 and 78.0% of our net sales in fiscal 2022.
−Removed: Sales to Macy’s, which includes sales to its Macy’s and Bloomingdale’s store chains, as well as through macys.com, accounted for an aggregate of 19.2% of our net sales in fiscal 2024, 21.6% of our net sales in fiscal 2023 and 23.9% of our net sales in fiscal 2022.
−Removed: Sales to TJX Companies accounted for an aggregate of 13.6% of our net sales in fiscal 2024, 15.4% of our net sales in fiscal 2023 and 14.8% of our net sales in fiscal 2022.
−Removed: In addition, sales to Ross Stores accounted for an aggregate of 10.1% of our net sales in fiscal 2024, 9.2% of our net sales in fiscal 2023 and 12.7% of our net sales in fiscal 2022.
+Added: Sales to our ten largest customers accounted for 69.6% of our net sales in fiscal 2025.
+Added: Sales to Macy’s, which includes sales to its Macy’s and Bloomingdale’s store chains, as well as through macys.com, accounted for an aggregate of 18.0% of our net sales in fiscal 2025.
+Added: Sales to TJX Companies accounted for an aggregate of 13.2% of our net sales in fiscal 2025.
+Added: In addition, sales to Ross Stores accounted for an aggregate of 12.6% of our net sales in fiscal 2025.
The loss of any of these customers or a significant reduction in purchases by our largest customers could have a material adverse effect on our results of operations.
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Sales outside of the United States and Canada may be managed by our salespeople located in our sales offices in Europe or Asia depending on the customer.
−Removed: Vilebrequin products are sold through a direct sales force primarily located across Europe.
Brand name products sold by us pursuant to a license agreement are promoted by institutional and product advertisements placed by the licensor.
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We may also be required to spend a specified percentage of net sales of a licensed product on advertising placed by us.
−Removed: Our marketing efforts for the repositioned and expanded Donna Karan brand are focused on high impact brand campaigns with globally recognizable talent.
+Added: Our marketing efforts for the repositioned Donna Karan brand are focused on high impact brand campaigns with globally recognizable talent.
We are building brand awareness through messaging that communicates the brand’s historical origins and relevance to today’s consumer.
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We are building global awareness through high impact ad campaigns that feature relevant and noteworthy talent.
−Removed: We strive to create marketing initiatives, collaborations and image programs to bring in a new, young customer.
−Removed: We will support global licensees with campaigns and product images through our brand story.
+Added: We strive to create marketing initiatives, collaborations and image programs to attract qualified new customers globally.
+Added: We support our licensees and international retail partners with brand campaigns, product specific imagery along with local events and brand activations in our priority markets that are on brand and relevant in that region.
We continue to invest in digital media and storytelling for brand amplification and to establish comprehensive commercial marketing tools that will support our global wholesale and retail channels.
−Removed: Karl Lagerfeld’s marketing efforts are inspired by Karl Lagerfeld’s own mantra:
−Removed: “embrace the present and invent the future.” We continuously seek to share relevant and engaging content, with a focus on high impact campaigns and digital content.
−Removed: Inspired by Karl Lagerfeld’s own passion for collaboration, we regularly foster partnerships with top tier artists, tastemakers and icons.
−Removed: Our campaigns for the Karl Lagerfeld brand are intended to grow awareness across our retail, digital, wholesale and franchise channels.
−Removed: In North America, the Karl Lagerfeld Paris brand further amplifies this vision through locally-relevant brand engagement.
−Removed: In Spring 2023, Vogue’s Met Gala, along with the museum’s summer exhibition, paid tribute to the life and work of Karl Lagerfeld.
−Removed: This event created significant momentum for the brand and resulted in increased awareness, interest and growth in the Karl Lagerfeld and Karl Lagerfeld Paris brands.
−Removed: In fiscal 2025, we expect to launch a project with a developer who will construct and sell 51 luxury villas under the Karl Lagerfeld brand in Dubai.
−Removed: We expect that a new Karl Lagerfeld fragrance will be introduced to the market in summer 2024.
−Removed: In September 2024, we expect to reopen our London Regent Street flagship store with our latest, elevated store concept and launch our Karl Studio collection of iconic pieces supported by a comprehensive marketing and communications campaign.
−Removed: Our retail partners around the world are hosting events, pop-up shops and dedicating store windows to Karl Lagerfeld.
+Added: Karl Lagerfeld’s marketing efforts focus building global awareness through high impact ad campaigns and digital content featuring strategic collaborations with top-tier artists, tastemakers and icons.
+Added: In North America, the Karl Lagerfeld Paris brand amplifies this vision with locally relevant engagement.
+Added: Karl Lagerfeld’s recent marketing efforts have embraced the brand’s DNA by celebrating Karl Lagerfeld’s black-and-white aesthetic and Parisian rock-chic attitude through the launch of new collections, premium pop-up stores, social media coverage and high-profile events.
+Added: Additionally, we have entered into partnerships to create a Karl Lagerfeld branded luxury hotel and luxury villas that bring the brand to life.
Vilebrequin’s marketing efforts have been based on continually offering new swimwear prints and expanding the range of its products to new categories such as women’s swimwear, ready-to-wear and accessories.
−Removed: Besides its traditional advertising networks (print and outdoor advertising), Vilebrequin is seeking to develop new marketing channels through the use of digital media, product placement, impactful collaborations and public relations.
−Removed: Through the growth of its network of stores, distributors and franchisees, Vilebrequin is seeking to reinforce its position in its traditional markets, such as the United States, Europe and the Middle East, and to develop new markets in Asia.
+Added: Besides its traditional advertising networks, such as print, outdoor advertising and catalogues, Vilebrequin is developing new marketing channels through the use of digital media, product placement, impactful collaborations and public relations.
+Added: Vilebrequin is also developing a hospitality business through beach clubs and restaurants called Vilebrequin La Plage which offers the south of France “art de vivre” under the sun, while reinforcing distribution and partnerships with luxury resorts to target core customers.
We believe we have developed awareness of our other owned labels primarily through our reputation, consumer acceptance and the fashion press.
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As digital sales of apparel continue to be an important part of our business, we are developing initiatives to increase our digital presence through our own websites and through the websites of our retail partners.
−Removed: We are working closely with our retail partners to provide consumers with a high quality viewing experience for our products.
+Added: We are working closely with our retail partners to provide consumers with a high quality digital experience for our products.
We are also working to increase our digital sales through marketing, social influencers and other online drivers of sales.
Retail sales of apparel have traditionally been seasonal in nature.
−Removed: Historically, our wholesale business has been dependent on our sales during our third and fourth fiscal quarters.
+Added: Historically, our wholesale business has been dependent on our sales during our third and fourth fiscal quarters due to the anticipation of the holiday shopping season for our retail customers.
Net sales during the third and fourth quarters accounted for approximately 61% of our net sales in fiscal 2025, 59% of our net sales in fiscal 2024 and 60% of our net sales in fiscal 2023.
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We own some of the trademarks used by us in connection with our wholesale operations segment, as well as almost all of the trademarks used in our retail operations segment.
−Removed: We act as licensee of certain trademarks owned by third parties that
−Removed: are used in connection with our business.
−Removed: The principal brands that we license are summarized under the heading “Wholesale Operations – Licensed Products” above.
+Added: We act as licensee of certain trademarks owned by third parties that are used in connection with our business.
+Added: The principal brands that we license are summarized under the heading “Complementary Portfolio of Licensed Brands” above.
We own a number of proprietary brands that we use in connection with our business and products including, among others, DKNY, Donna Karan, Karl Lagerfeld, Karl Lagerfeld Paris, Vilebrequin, G.H.
2 unchanged sentences
In markets outside of the United States, our rights to some of our trademarks may not be clearly established.
−Removed: Our attempt to expand into foreign markets, we may experience conflicts with various third parties who have acquired ownership rights in certain trademarks that would impede our use and registration of some of our trademarks.
+Added: In our attempt to expand into foreign markets, we may experience conflicts with various third parties who have acquired ownership rights in certain trademarks that would impede our use and registration of some of our trademarks.
Such conflicts may arise from time to time as we pursue international expansion.
10 unchanged sentences
Executive Vice President and Director
−Removed: Executive Vice President and Chief Growth and Operations Officer
+Added: Chief Growth and Operations Officer
Morris Goldfarb is our Chairman of the Board and Chief Executive Officer, as well as one of our directors.
3 unchanged sentences
Aaron is also the Chief Executive Officer of our Calvin Klein divisions.
−Removed: Nackman has been our Chief Financial Officer since September 2005 and was elected Treasurer in April 2006.
+Added: Neal Nackman has been our Chief Financial Officer since September 2005 and was elected Treasurer in April 2006.
Nackman served as Vice President — Finance from December 2003 until April 2006.
−Removed: Jeffrey Goldfarb has been our Executive Vice President and Director of Strategic Planning since June 2016, and serves as one of our directors.
+Added: Jeffrey Goldfarb has been our Executive Vice President since June 2016, and serves as one of our directors.
He has been employed by G-III in a number of other capacities since 2002.
1 unchanged sentence
Jeffrey Goldfarb is the son of Morris Goldfarb.
−Removed: Dana Perlman has joined us as our Executive Vice President and Chief Growth and Operations Officer in January 2024.
+Added: Dana Perlman has been our Chief Growth and Operations Officer since January 2024.
+Added: Perlman is also a director of O’Reilly Automotive, Inc.
+Added: since November 2017.
Prior to joining us, Ms.
5 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.