G-III also noted that, as part of the transaction, Adu Advaney, co-founder of Fashion Fund I B.V., has joined Vilebrequin’s Board as Vice Chairman.

Morris Goldfarb, Chairman and Chief Executive Officer of G-III Apparel Group, commented, “We have stated publicly our desire to own a global brand. An opportunity to acquire a preeminent luxury brand such as Vilebrequin does not happen very often. Vilebrequin sets a global standard for excellence and commands exceptional loyalty at a premium price in each of its markets. We believe that this brand is very powerful and expect to add more retail locations throughout the world, as well as develop the business beyond its heritage in men’s swimwear, accessories and resort-wear. We have assembled a world class luxury brand management team, led by Roland Herlory, who we are confident can extend and expand Vilebrequin into a diversified global luxury brand.”

Mr. Herlory commented, “I am excited to begin the next chapter of my career. I have admired the Vilebrequin brand for many years. Vilebrequin has maintained the highest integrity of design, quality and value. We have a shared vision for the Vilebrequin brand and will continue to set the standard for men’s casual luxury. We believe that the brand is positioned extremely well to expand its business into more points of sale throughout the world. In the near-term, we will also work on further developing men’s accessories and resort-wear. It is our intention to leverage our strong brand and the additional resources G-III will provide to quickly transcend our leadership position in the men’s luxury resort business.”

Barclays acted as exclusive financial advisor to G-III. Fulbright & Jaworski L.L.P. and Meyerlustenberger Lachenal Avocats served as legal advisors for G-III in connection with the acquisition of Vilebrequin.

About Vilebrequin

Vilebrequin was founded in 1971 in St Tropez when a young visionary, seated at the illustrious Café Senequier, invented the first boxer short.

If you liked this article you might like

Wall Street Rebound and Irma - 5 Things You Must Know Before the Market Opens

Congress Is Back in Session and Tax Reform Is Top of Mind - Week Ahead

Wall Street Is Obsessing Over Comey and Russia, So Stocks Have Logged Two Days In the Red

Stocks Lower in Shaky Trade as Wall Street Plays It Cautiously