The New York-based company will pay 200 million euros for the 81 percent it does not own already in Karl Lagerfeld’s fashion brand. The deal attracted investors, sending shares of G-III up 5.5 percent to $27.93 on Monday.
Righi, who has served as a custodian of sorts for the late designer’s legend and image, will continue to run the company as chief executive officer. Karl Lagerfeld’s control will be consolidated, and G-III will gain more scale in Europe, where it already operates with Vilebrequin and is developing with Sonia Rykiel, which was acquired in 2021.
G-III chairman and CEO Morris Goldfarb told reporters: “My mission is to integrate the European assets somewhat as a conglomerate that holds the initiative for these very special brands at the top.” After the Ukraine, the Americans want to invade Europe with their ready to wear clothes, this is not the first time and it will certainly not be the last.
Lagerfeld of German birth becomes American, he must be turning in his grave. That’s the way it is, rather the death.