The company is adjusting after PVH Corp. decided to pull back its Tommy Hilfiger and Calvin Klein licenses over time.
“Donna Karan and Nautica are two of the most recognized American lifestyle brands with significant opportunity in the women’s space,” said Morris Goldfarb, G-III’s chairman and chief executive officer, in a statement. “Our track record of having successfully grown major brands to more than $3 billion in net sales today gives us confidence in our ability to unlock the potential of both Donna Karan and Nautica.
After interviewing designers and considering spending $20 million to $25 million on the project, Goldfarb noted, “We stepped back and said, ‘No, we don’t need that halo. We’ll just softly launch Donna Karan, brought down from designer to the opening price points for Saks and Bloomingdale’s and Nordstrom., it would be a great brand to supplement our business and position a notch lower than it is now,” the CEO said. “So that is the strategy.
“The odds are stacked in our favor to make this a very, very important brand in our portfolio,” Goldfarb said. “We’ll ship product at the beginning of calendar 2024. And we’ve got support from our existing partners, our retail partners. So no reason that this brand can’t be a significant piece of G-III’s business.”
Adjusted earnings came in at 41 cents, slightly weaker than the 43 cents analysts projected and down from $1.06 a year ago. This year G-III expects to drive sales of $3.23 billion — flat with last year.The company also revealed that it spent $25 million on a couple digital opportunities.
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