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.

Reuters Showcase

GDP Growth

GDP Growth

India revises up 2013/14 GDP growth to 6.9 percent.  Full Article 

Pharma Deal

Pharma Deal

Sun Pharmaceutical wins U.S. approval to buy Ranbaxy  Full Article 

Adani Restructuring

Adani Restructuring

Adani hives off power, ports businesses to boost growth.  Full Article 

Bank of Baroda

Bank of Baroda

Q3 net profit down 69 pct on higher provisions  Full Article 

Trading Fees

Trading Fees

BSE slashes fees in FX derivatives battle with NSE  Full Article 

SpiceJet Turnaround

SpiceJet Turnaround

SpiceJet board approves up to $243 mln share sale plan  Full Article 

Currency Market

Currency Market

RBI urges companies to hedge FX exposure  Full Article 

Banking Sector

Banking Sector

Banks say no room to cut lending rates, thwarting RBI easing  Full Article 

Reuters Poll

Reuters Poll

RBI seen holding rates steady on Tuesday, minority of analysts expect cut  Full Article 

Reuters India Mobile

Reuters India Mobile

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