G-III Apparel acquires Swiss swimwear brand
G-III Apparel Group has acquired luxury
swimwear Vilebrequin for EUR85.5 million.
Headquartered in Geneva, Vilebrequin has been owned since
2007 by private equity fund Fashion Fund. It sells its products through a
network of 185 owned and franchised retail stores and shops, as well as through
select wholesale distribution. Reported sales for 2011 were EUR45.1 million.
Roland Herlory, most recently managing director of Hermès
running the Latin America and Caribbean territories, is to join Vilebrequin as
its chief executive officer, effective September 1.
Christian Blanckaert will join as chairman of
Vilebrequin's newly established advisory board. Mr Blanckaert is chairman of
the board of Petit Bateau and serves on the board of Moncler.
Adu Advaney, co-founder of Fashion Fund, 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."
