NEW YORK--(BUSINESS WIRE)--Jan. 10, 2019--
G-III Apparel Group, Ltd. (NasdaqGS:GIII) today announced that the
Company has repurchased approximately 723,000 shares at an average price
of $28.09 per share under its existing authorized share repurchase
program. The shares were repurchased between December 14, 2018 and
December 27, 2018. The Company currently has approximately 4.28 million
shares remaining under its authorized share repurchase program.
Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “We
are pleased to announce that we purchased shares at what we believe to
be opportunistic prices. Our Board of Directors view the authorized
share repurchase program as an effective means to enhance shareholder
value.”
Share repurchases may be commenced, suspended, or discontinued without
prior notice. The timing and actual number of any shares repurchased
depends on a variety of factors, including market conditions, and the
Company assumes no obligation to publicly disclose future repurchases,
except as required by applicable law.
About G-III Apparel Group, Ltd.
G-III designs, sources and markets apparel and accessories under owned,
licensed and private label brands. G-III’s owned brands include DKNY,
Donna Karan, Vilebrequin, G. H. Bass, Andrew Marc, Marc New York, Eliza
J and Jessica Howard. G-III has fashion licenses under the Calvin Klein,
Tommy Hilfiger, Karl Lagerfeld Paris, Kenneth Cole, Cole Haan, Guess?,
Vince Camuto, Levi's and Dockers brands. Through our team sports
business, G-III has licenses with the National Football League, National
Basketball Association, Major League Baseball, National Hockey League,
and over 150 U.S. colleges and universities. G-III also operates retail
stores under the DKNY, Wilsons Leather, G. H. Bass, Vilebrequin, Karl
Lagerfeld Paris and Calvin Klein Performance names.
Statements concerning G-III's business outlook or future economic
performance, anticipated revenues, expenses or other financial items;
product introductions and plans and objectives related thereto; and
statements concerning assumptions made or expectations as to any future
events, conditions, performance or other matters are "forward-looking
statements" as that term is defined under the Federal Securities laws.
Forward-looking statements are subject to risks, uncertainties and
factors which include, but are not limited to, reliance on licensed
product, reliance on foreign manufacturers, risks of doing business
abroad, the current economic and credit environment, the nature of the
apparel industry, including changing customer demand and tastes,
customer concentration, seasonality, risks of operating a retail
business, customer acceptance of new products, the impact of competitive
products and pricing, dependence on existing management, possible
disruption from acquisitions, risks relating to G-III’s operations of
Donna Karan International Inc., the impact on our business of the
imposition of tariffs by the United States government and business and
general economic conditions, as well as other risks detailed in G-III's
filings with the Securities and Exchange Commission. G-III assumes no
obligation to update the information in this release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190110005100/en/
Source: G-III Apparel Group, Ltd.
G-III Apparel Group, Ltd.
Priya Trivedi
VP of Investor
Relations and Treasurer
(646) 473-5157
Investor Relations:
Tom Filandro
ICR, Inc.
(646)
277-1235
