G-III buys luxury swimwear brand Vilebrequin for about $106 mln

Wed Aug 8, 2012 2:09am IST

Stocks

   

Aug 7 (Reuters) - G-III Apparel Group Ltd said it acquired luxury swimwear brand Vilebrequin from private equity fund Fashion Fund I B.V. for 85.5 million euros ($106.19 million) and outlined plans to expand the brand internationally.

The company plans to add more retail locations throughout the world and further develop the brand's men's accessories and resort-wear offerings, G-III said in a statement.

Of the purchase price, 70.5 million euros was paid in cash and 15 million euros was paid by unsecured promissory notes, due December 31, 2017, with interest at the rate of 5 percent per year.

In addition to the purchase price, the agreement provides for up to an additional 22.5 million euros in milestone payments.

G-III funded the cash portion of the deal with its newly expanded $450 million bank facility.

Vilebrequin sells its products through 185 owned and franchised specialty retail stores, as well as wholesale distribution. It had 2011 sales of 45.1 million euros.

The company said the acquisition is expected to be neutral to its earnings per share for its fiscal year ending Jan. 31, 2013 excluding acquisition and integration expenses.

Barclays acted as the exclusive financial advisor to G-III.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Diwali Sales

Diwali Sales

Gold sales jump about 20 pct for Diwali - trade body  Full Article 

World Bank Rival

World Bank Rival

Three major nations absent as China launches W.Bank rival in Asia  Full Article 

Wal-Mart India

Wal-Mart India

Murali Lanka appointed as Wal-Mart India operations chief  Full Article 

Microsoft Earnings

Microsoft Earnings

Microsoft sales beat Street hopes, cloud profits up.  Full Article 

Special Report

Special Report

Why Madrid's poor fear Goldman Sachs and Blackstone  Full Article 

U.S. Economy

U.S. Economy

Spectre of no-inflation world looms over Fed's return to normal  Full Article 

Insider Trading

Insider Trading

Rengan Rajaratnam, SEC to settle civil insider trading charge.  Full Article 

Market Watch

Market Watch

Betting on the beaten up? Investors pin hopes on stocks in Europe, Japan.  Full Article 

India Insight

India Insight

Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw”  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage