G-III Apparel to acquire French luxury fashion brand Sonia Rykiel
US clothing company G-III Apparel Group has agreed to acquire Sonia Rykiel, a French luxury fashion brand for an undisclosed price.
The European luxury fashion brand in question was created by late French fashion designer Sonia Rykiel. Her brand had liquidated operations in 2019.
G-III Apparel Group said that it intends to expedite the relaunch of the Sonia Rykiel brand mainly in Europe, for the fall of next year, with collections across various categories.
Morris Goldfarb — G-III Apparel Group Chairman and CEO said: “We are extremely pleased to purchase the Sonia Rykiel brand which further enables us to expand into the luxury space. We believe there is significant opportunity to unlock the untapped potential of this brand as we look to accelerate our global reach.
“We will leverage the existing executive management team and infrastructure based in Europe, as well as G-III’s supply chain expertise to scale and grow the Sonia Rykiel business across apparel, accessories and numerous other lifestyle categories.”
The Sonia Rykiel luxury fashion brand is currently owned by Eric Dayan and Michael Dayan.
The Dayan brothers said: “We are proud to have been a part of this brand which has a deep French heritage and to be the drivers behind its relaunch. We are thrilled to have found G-III, a true apparel and accessory powerhouse with a strong portfolio of globally recognized brands, as the new owners and stewards of the Sonia Rykiel brand.
“With G-III’s dominance in a diversified range of lifestyle categories, along with its well-established and broad range of retail partners, we see a bright future for the growth of the Sonia Rykiel brand. We have confidence and peace of mind that G-III will elevate the iconic Sonia Rykiel brand to its global potential.”
The deal is likely to be wrapped up by the end of next month.