We don’t know a whole lot about business, bar the occasional desire to wear a pant suit and carry a briefcase, but we shall nonetheless press on and attempt to bring you the latest financial news from the world of fashion. This morning, via a statement, luxury behemoth LVMH have announced that they will be selling off DKNY (real name: Donna Karan International) to apparel company G-III for $650 million dollars. Quite a lot of money isn’t it? “When G-III approached us about acquiring the brand, we concluded that the time was right,” Toni Belloni, managing director of LVMH said in the statement. DKNY, started by Donna Karan in the 1980s, is currently headed by creative directors Dao-Yi Chow & Maxwell Osborne. Fans of their work should fear not – there are no plans for a shake-up, and the brand will instead join the roster of brands at G-III, including Calvin Klein and Tommy Hilfiger. Morris Goldfarb, CEO and President of G-III said, “Donna Karan International is an iconic global fashion company. Its lifestyle aesthetic resonates well with consumers throughout the world. We are excited to build upon its strong foundation as we seek to capitalize on a significant market opportunity.”
Photograph by Jason Lloyd-Evans, backstage at DKNY SS16
