The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The American apparel company, parent to the DKNY and Donna Karan brands, reported a 28.3 percent increase in net sales to $519.9 million in its first quarter results on Monday, up from $405.1 million from the year prior. As a result, the company turned last year’s $39.3 million net loss to a $26.3 million profit.
G-III has a full fiscal year outlook of revenues of about $2.57 billion, compared with $2.06 billion during the 2021 fiscal year.
As lockdowns have lifted and stores have reopened, G-III reported the accelerating trends of broader lifestyle apparel sales, including the return of workwear. “We believe these trends provide a good indication for the remainder of the year and give us confidence that we and our industry are well on our way to recovery,” said chairman and chief executive Morris Goldfarb.
G-III also reported the completion of the restructuring of its retail operations segment. It permanently closed the Wilsons Leath and G.H. Bass stores last year.
Fast-growing start-ups like Hettas, Saysh and Moolah Kicks created sneakers designed specifically for active women. The sportswear giants are watching closely.
The companies agreed to cap credit-card swipe fees in one of the most significant antitrust settlements ever, following a legal fight that spanned almost two decades.
In an era of austerity on Wall Street, apparel businesses are more likely to be valued on their profits rather than sales, which usually means lower payouts for founders and investors. That is, if they can find a buyer in the first place.
The fast fashion giant occupies a shrinking middle ground between Shein and Zara. New CEO Daniel Ervér can lay out the path forward when the company reports quarterly results this week.