G-III Apparel signs new leathergoods deals with Calvin Klein
Apparel and accessories manufacturer G-III Apparel Group has signed two new licenses with Calvin Klein, a subsidiary of Phillips-Van Heusen Corporation.
One license is for women's Calvin Klein better handbags and small leather goods and the second is for Calvin Klein better luggage. This brings the company’s tally of license agreements for Calvin Klein products to eight. The first shipments are expected in 2011.
Morris Goldfarb, chairman and chief executive officer, said: “We are very proud and appreciative that Calvin Klein and Phillips-Van Heusen have chosen and entrusted us with licenses, beginning in 2011, for Calvin Klein brand women's better handbags and small leather goods and better luggage. These new initiatives will help us grow the range of our product offerings as we continue to transform our business into a more diversified apparel company serving multiple tiers of distribution."
The company also posted a 43% sales increase for the quarter ended April 30. Sales totalled $154.3 million compared with $107.6 million during the same quarter last year. Net loss for the quarter was $1.4 million compared with $6.8 million in the prior-year period.
