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DKNY parent sold by fashion powerhouse for £495 million

Evening Standard Evening Standard 25/07/2016 Joanna Bourke
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Luxury goods powerhouse LVMH has agreed a $650 million (£495 million) sale of the parent of high-end fashion labels Donna Karan and DKNY.

The French firm has agreed to sell Donna Karan International to US design and licensing specialist G-III Apparel, which makes clothes for brand names including Calvin Klein and Tommy Hilfiger under a licensing agreement. The deal will complete early next year.

Co-founder Donna Karan, who stepped down as design chief in 2015, was known for transforming the wardrobes of businesswomen in the Eighties and Nineties.

The US design house counts Hillary Clinton and Michelle Obama as fans.

G-III chief Morris Goldfarb said the purchase added to its portfolio of “some of the best fashion brands in the world”.

LVMH managing director Toni Belloni said Donna Karan’s new owner has “the expertise and capabilities to take it to its next level of success”.

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