0001558370-21-016644 | 10-Q | XBRL Viewer | G III Apparel Group LTD DE

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Oct. 31, 2021	Dec. 03, 2021
Document And Entity Information Abstract
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2021
Document Transition Report	false
Entity File Number	0-18183
Entity Registrant Name	G III APPAREL GROUP LTD /DE/
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-1590959
Entity Address, Address Line One	512 Seventh Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10018
City Area Code	212
Local Phone Number	403-0500
Title of 12(b) Security	Common Stock
Trading Symbol	GIII
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		48,568,473
Entity Central Index Key	0000821002
Current Fiscal Year End Date	--01-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 31, 2021	Jan. 31, 2021	Oct. 31, 2020
Current assets
Cash and cash equivalents	$ 279,564	$ 351,934	$ 149,745
Accounts receivable, net of allowance for doubtful accounts of $17.4 million, $15.5 million and $17.5 million, respectively	844,382	492,698	720,975
Inventories	448,991	416,503	461,769
Prepaid income taxes	994	26,102	2,043
Prepaid expenses and other current assets	53,532	56,803	37,274
Total current assets	1,627,463	1,344,040	1,371,806
Investments in unconsolidated affiliates	61,413	63,523	62,177
Property and equipment, net	49,948	57,064	60,973
Operating lease assets	176,530	186,070	181,187
Other assets, net	60,405	38,785	36,722
Other intangibles, net	32,208	35,059	35,669
Deferred income tax assets, net	4,682	5,098	18,136
Trademarks	450,252	443,612	441,062
Goodwill	265,116	263,135	261,684
Total assets	2,728,017	2,436,386	2,469,416
Current liabilities
Current portion of notes payable	4,063	4,402	4,083
Accounts payable	233,893	139,183	157,654
Accrued expenses	141,456	102,787	125,675
Customer refund liabilities	81,271	99,355	120,395
Current operating lease liabilities	45,117	43,560	65,554
Income tax payable	38,974	11,853	8,702
Other current liabilities	2,228	862	21
Total current liabilities	547,002	402,002	482,084
Notes payable, net of discount and unamortized issuance costs	513,466	507,950	504,328
Deferred income tax liabilities, net	21,306	20,353	8,313
Noncurrent operating lease liabilities	147,688	161,668	157,983
Other noncurrent liabilities	11,558	7,208	6,441
Total liabilities	1,241,020	1,099,181	1,159,149
Redeemable noncontrolling interests	758	964
Stockholders' Equity
Preferred stock; 1,000 shares authorized; no shares issued
Common stock - $0.01 par value; 120,000 shares authorized; 49,396, 49,396 and, 49,396 shares issued, respectively	264	264	264
Additional paid-in capital	450,768	448,417	446,662
Accumulated other comprehensive loss	(11,428)	(2,094)	(11,194)
Retained earnings	1,068,575	916,683	902,041
Common stock held in treasury, at cost - 827, 1,037 and 1,019 shares, respectively	(21,940)	(27,029)	(27,506)
Total stockholders' equity	1,486,239	1,336,241	1,310,267
Total liabilities, redeemable noncontrolling interests and stockholders' equity	$ 2,728,017	$ 2,436,386	$ 2,469,416

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Millions	Oct. 31, 2021	Jan. 31, 2021	Oct. 31, 2020
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 17.4	$ 17.5	$ 15.5
Preferred stock, shares authorized	1,000,000	1,000,000	1,000,000
Preferred stock, shares issued	0	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	120,000,000	120,000,000	120,000,000
Common stock, shares issued	49,396,000	49,396,000	49,396,000
Treasury stock, shares	827,000	1,019,000	1,037,000

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Income Statement [Abstract]
Net sales	$ 1,015,392	$ 826,561	$ 2,018,383	$ 1,528,904
Cost of goods sold	667,882	528,806	1,282,526	972,055
Gross profit	347,510	297,755	735,857	556,849
Selling, general and administrative expenses	182,360	177,625	470,803	454,347
Depreciation and amortization	7,024	10,187	21,166	29,745
Loss on lease modifications		(117)		17,372
Operating profit (loss)	158,126	110,060	243,888	55,385
Other income (loss)	898	225	4,693	112
Interest and financing charges, net	(12,354)	(18,681)	(36,932)	(38,237)
Income (loss) before income taxes	146,670	91,604	211,649	17,260
Income tax expense (benefit)	40,198	28,430	59,692	8,357
Net income (loss)	106,472	63,174	151,957	8,903
Less: Income attributable to noncontrolling interests	(202)		(206)
Net income (loss) attributable to G-III Apparel Group, Ltd.	$ 106,674	$ 63,174	$ 152,163	$ 8,903
Basic:
Net income (loss) per common share	$ 2.20	$ 1.31	$ 3.14	$ 0.18
Weighted average number of shares outstanding (in shares)	48,567	48,359	48,474	48,201
Diluted:
Net income per common share	$ 2.16	$ 1.29	$ 3.07	$ 0.18
Weighted average number of shares outstanding (in shares)	49,458	48,809	49,499	48,589
Other comprehensive income:
Foreign currency translation adjustments	$ (4,402)	$ 7,066	$ (9,340)	$ 6,814
Other comprehensive loss	(4,402)	7,066	(9,340)	6,814
Comprehensive income	102,070	70,240	142,617	15,717
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest [Abstract]
Net loss	(202)		(206)
Foreign currency translation adjustments			6
Comprehensive income attributable to noncontrolling interests	(202)		(200)
Comprehensive income attributable to G-III Apparel Group, Ltd	$ 101,868	$ 70,240	$ 142,417	$ 15,717

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Common Stock Held in Treasury	Cumulative Effect, Period of Adoption, Adjustment	Total
Balance at beginning of period at Jan. 31, 2020	$ 264	$ 452,142	$ (18,008)		$ 893,138	$ (36,864)		$ 1,290,672
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity awards exercised/vested, net		(9,178)				9,358		180
Share-based compensation expense		4,015						4,015
Taxes paid for net share settlements		(317)						(317)
Other comprehensive income (loss), net			6,814					6,814
Net income (loss)					8,903			8,903
Balance at end of period at Oct. 31, 2020	264	446,662	(11,194)		902,041	(27,506)		1,310,267
Balance at beginning of period at Jul. 31, 2020	264	444,384	(18,260)		838,867	(27,506)		1,237,749
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense		2,278						2,278
Other comprehensive income (loss), net			7,066					7,066
Net income (loss)					63,174			63,174
Balance at end of period at Oct. 31, 2020	264	446,662	(11,194)		902,041	(27,506)		1,310,267
Balance at beginning of period at Jan. 31, 2021	264	448,417	(2,094)	$ (271)	916,683	(27,029)	$ (271)	1,336,241
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity awards exercised/vested, net		(5,089)				5,089
Share-based compensation expense		11,773						11,773
Taxes paid for net share settlements		(4,333)						(4,333)
Other comprehensive income (loss), net			(9,334)					(9,334)
Net income (loss)					152,163			152,163
Balance at end of period at Oct. 31, 2021	264	450,768	(11,428)		1,068,575	(21,940)		1,486,239
Balance at beginning of period at Jul. 31, 2021	264	447,476	(7,026)		961,901	(22,003)		1,380,612
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity awards exercised/vested, net		(63)				63
Share-based compensation expense		3,354						3,354
Taxes paid for net share settlements		1						1
Other comprehensive income (loss), net			(4,402)					(4,402)
Net income (loss)					106,674			106,674
Balance at end of period at Oct. 31, 2021	$ 264	$ 450,768	$ (11,428)		$ 1,068,575	$ (21,940)		$ 1,486,239

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Cash flows from operating activities
Net income attributable to G-III Apparel Group, Ltd.	$ 152,163	$ 8,903
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	21,166	29,745
Loss on disposal of fixed assets	55	474
Non-cash operating lease costs	31,635	59,643
Loss (gain) on lease terminations		(2,539)
Asset impairments		19,911
Dividend received from unconsolidated affiliate	1,376	2,695
Equity (gain) loss in unconsolidated affiliates	(2,783)	(340)
Change in fair value of equity investment	(1,206)
Share-based compensation	11,773	4,015
Deferred financing charges and debt discount amortization	7,212	7,712
Extinguishment of deferred financing costs		6,503
Deferred income taxes	1,747	2
Changes in operating assets and liabilities:
Accounts receivable, net	(351,683)	(190,838)
Inventories	(32,488)	90,148
Income taxes, net	52,229	6,587
Prepaid expenses and other current assets	9,071	42,704
Other assets, net	1,003	(342)
Customer refund liabilities	(18,085)	(113,023)
Operating lease liabilities	(34,720)	(61,822)
Accounts payable, accrued expenses and other liabilities	136,147	(37,709)
Net cash provided by (used in) operating activities	(15,388)	(127,571)
Cash flows from investing activities
Operating lease assets initial direct costs		(4,041)
Investment in e-commerce retailer	(25,000)
Capital expenditures	(13,004)	(12,392)
Investment in brand acquisition	(13,266)
Net cash used in investing activities	(51,270)	(16,433)
Cash flows from financing activities
Repayment of borrowings - revolving facility		(878,083)
Proceeds from borrowings - revolving facility		878,083
Repayment of borrowings - foreign facilities	(277)
Proceeds from borrowings - foreign facilities	100
Repayment of borrowings - unsecured term loan		(300,262)
Proceeds from borrowings - unsecured term loan		7,103
Proceeds from borrowings - senior secured notes		400,000
Payment of financing costs		(13,276)
Proceeds from exercise of equity awards		180
Taxes paid for net share settlements	(4,333)	(317)
Net cash provided by financing activities	(4,510)	93,428
Foreign currency translation adjustments	(1,202)	2,949
Net increase (decrease) in cash and cash equivalents	(72,370)	(47,627)
Cash and cash equivalents at beginning of period	351,934	197,372
Cash payments:
Interest, net	36,954	14,864
Income tax payments, net	5,370	$ 1,628
Stock received from licensing agreement	$ 4,831

Basis of Presentation

9 Months Ended

Oct. 31, 2021

Basis of Presentation [Abstract]

Basis of Presentation

Note 1 – Basis of Presentation

As used in these financial statements, the term “Company” or “G-III” refers to G-III Apparel Group, Ltd. and its subsidiaries. The Company designs, sources and markets an extensive range of apparel, including outerwear, dresses, sportswear, swimwear, women’s suits and women’s performance wear, as well as women’s handbags, footwear, small leather goods, cold weather accessories and luggage. The Company also operates retail stores and licenses its proprietary brands for several product categories.

The Company consolidates the accounts of its wholly-owned and majority-owned subsidiaries. Fabco Holding B.V (“Fabco”) is a Dutch joint venture limited liability company that was 49% owned by the Company through November 30, 2020 and was accounted for using the equity method of accounting. Effective December 1, 2020, the Company increased its ownership interest in Fabco to 75% and, as a result, Fabco is treated as a consolidated majority-owned subsidiary. KL North America B.V. (“KLNA”) is a Dutch joint venture limited liability company that is 49% owned by the Company. Karl Lagerfeld Holding B.V. (“KLH”) is a Dutch limited liability company that is 19% owned by the Company. The Company accounts for these two investments using the equity method of accounting. All material intercompany balances and transactions have been eliminated.

Vilebrequin International SA (“Vilebrequin”), a Swiss corporation that is wholly-owned by the Company, KLH, KLNA and Fabco report results on a calendar year basis rather than on the January 31 fiscal year basis used by the Company. Accordingly, the results of Vilebrequin, KLH, KLNA and Fabco are, and will be, included in the financial statements for the quarter ended or ending closest to the Company’s fiscal quarter end. For example, with respect to the Company’s results for the nine-month period ended October 31, 2021, the results of Vilebrequin, KLH, KLNA and Fabco are included for the nine-month period ended September 30, 2021. The Company’s retail operations segment reports on a 52/53-week fiscal year. For fiscal 2022 and 2021, the three and nine-month periods for the retail operations segment were each 13-week and 39-week periods, respectively, and ended on October 30, 2021 and October 31, 2020, respectively.

The results for the three and nine months ended October 31, 2021 are not necessarily indicative of the results expected for the entire fiscal year, given the seasonal nature of the Company’s business and the effects of the COVID-19 pandemic on the Company’s business. The accompanying financial statements included herein are unaudited. All adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of the financial position, results of operations and cash flows for the interim period presented have been reflected.

The accompanying financial statements should be read in conjunction with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2021 filed with the Securities and Exchange Commission (the “SEC”).

Assets and liabilities of the Company’s foreign operations, where the functional currency is not the U.S. dollar (reporting currency), are translated from foreign currency into U.S. dollars at period-end rates, while income and expenses are translated at the weighted-average exchange rates for the period. The related translation adjustments are reflected as a foreign currency translation adjustment in accumulated other comprehensive loss within stockholders’ equity.

Change in Accounting Principle

Effective February 1, 2021, the Company elected to change its method of accounting for retail inventories from the lower of cost or market as determined by the retail inventory method to the lower of cost or net realizable value using the weighted average cost method. The Company believes the new method is preferable as it provides better matching of cost of goods sold with revenue, improves the precision of inventory valuation at the balance sheet dates, and more closely aligns with the valuation methods used throughout the rest of the Company. In addition, the change in inventory valuation better aligns with the way the Company manages its business with a focus on the actual margin realized.

The Company determined that it was impractical to apply this change in accounting principle retrospectively due to a lack of available information. As a result, the Company applied the change prospectively as of February 1, 2021. The cumulative adjustment as of February 1, 2021 was a decrease of $0.3 million in both inventories and retained earnings. The change in accounting principle did not have a material effect on the Company’s condensed consolidated financial statements as of and for the three and nine-month periods ended October 31, 2021.

Retail Restructuring

9 Months Ended

Oct. 31, 2021

Retail Restructuring [Abstract]

Retail Restructuring

Note 2 – Retail Restructuring

In fiscal 2021, the Company restructured its retail operations segment, including the closing of the Wilsons Leather, G.H. Bass and Calvin Klein Performance stores. Restructuring charges are recorded within selling, general and administrative expenses in the Company’s condensed consolidated statements of operations and comprehensive income. During the three months ended October 31, 2021, the Company paid the final $46,000 related to store closing costs. As a result, as of October 31, 2021, the Company has paid all remaining restructuring charges.

Allowance for Doubtful Accounts

9 Months Ended

Oct. 31, 2021

Allowance for Doubtful Accounts [Abstract]

Allowance for Doubtful Accounts

Note 3 – Allowance for Doubtful Accounts

The Company’s financial instruments consist of trade receivables arising from revenue transactions in the ordinary course of business. The Company considers its trade receivables to consist of two portfolio segments: wholesale and retail trade receivables. Wholesale trade receivables result from credit the Company has extended to its wholesale customers based on pre-defined criteria and are generally due within 30 to 60 days. Retail trade receivables primarily relate to amounts due from third-party credit card processors for the settlement of debit and credit card transactions and are typically collected within 3 to 5 days.

The Company’s accounts receivable and allowance for doubtful accounts as of October 31, 2021, October 31, 2020 and January 31, 2021 were:


	October 31, 2021
	Wholesale		Retail		Total

	(In thousands)
Accounts receivable, gross	$	860,245	$	1,586	$	861,831
Allowance for doubtful accounts		(17,412)		(37)		(17,449)
Accounts receivable, net	$	842,833	$	1,549	$	844,382

	October 31, 2020
	Wholesale		Retail		Total

	(In thousands)
Accounts receivable, gross	$	734,481	$	1,968	$	736,449
Allowance for doubtful accounts		(15,437)		(37)		(15,474)
Accounts receivable, net	$	719,044	$	1,931	$	720,975

	January 31, 2021
	Wholesale		Retail		Total

	(In thousands)
Accounts receivable, gross	$	509,010	$	1,147	$	510,157
Allowance for doubtful accounts		(17,429)		(30)		(17,459)
Accounts receivable, net	$	491,581	$	1,117	$	492,698

The allowance for doubtful accounts for wholesale trade receivables is estimated based on several factors. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations (such as in the case of bankruptcy filings (including potential bankruptcy filings), extensive delay in payment or substantial downgrading by credit rating agencies), a specific reserve for bad debt is recorded against amounts due from that customer to reduce the net recognized receivable to the amount reasonably expected to be collected. For all other wholesale customers, an allowance for doubtful accounts is determined through analysis of the aging of accounts receivable at the end of the reporting period for financial statements, assessments of collectability based on historical trends and an evaluation of the

impact of economic conditions. The Company considers both current and forecasted future economic conditions in determining the adequacy of its allowance for doubtful accounts.

The allowance for doubtful accounts for retail trade receivables is estimated at the credit card chargeback rate applied to the previous 90 days of credit card sales. In addition, the Company considers both current and forecasted future economic conditions in determining the adequacy of its allowance for doubtful accounts.

The Company had the following activity in its allowance for credit losses:


	Wholesale		Retail		Total

	(In thousands)
Balance as of January 31, 2021	$	(17,429)	$	(30)	$	(17,459)
Provision for credit losses		(54)		(7)		(61)
Accounts written off as uncollectible		71		—		71
Balance as of October 31, 2021	$	(17,412)	$	(37)	$	(17,449)

Balance as of January 31, 2020	$	(628)	$	(82)	$	(710)
Provision for credit losses		(14,919)		45		(14,874)
Accounts written off as uncollectible		110		—		110
Balance as of October 31, 2020	$	(15,437)	$	(37)	$	(15,474)

Balance as of January 31, 2020	$	(628)	$	(82)	$	(710)
Provision for credit losses		(16,934)		52		(16,882)
Accounts written off as uncollectible		133		—		133
Balance as of January 31, 2021	$	(17,429)	$	(30)	$	(17,459)

Inventories

9 Months Ended

Oct. 31, 2021

Inventories [Abstract]

Inventories

Note 4 – Inventories

Wholesale inventories, which comprise a significant portion of the Company’s inventory, are stated at the lower of cost (determined by the first-in, first-out method) or net realizable value. Prior to February 1, 2021, retail inventories were valued at the lower of cost or market as determined by the retail inventory method. Effective February 1, 2021, the Company elected to change its method of accounting for retail inventories to the lower of cost (determined by the weighted average method) or net realizable value. See Note 1 – Basis of Presentation for more details on the preferability and application of this change in accounting principle. Vilebrequin inventories are stated at the lower of cost (determined by the weighted average method) or net realizable value. Substantially all of the Company’s inventories consist of finished goods.

The inventory return asset, which consists of the amount of goods that are anticipated to be returned by customers, represented $13.9 million, $20.6 million and $22.5 million as of October 31, 2021, October 31, 2020 and January 31, 2021, respectively. The inventory return asset is recorded within prepaid expenses and other current assets on the condensed consolidated balance sheets.

Inventory held on consignment by the Company’s customers totaled $5.6 million, $4.8 million and $3.5 million at October 31, 2021, October 31, 2020 and January 31, 2021, respectively. Consignment inventory is stored at the facilities of the Company’s customers. The Company reflects this inventory on its condensed consolidated balance sheets.

Fair Value of Financial Instruments

9 Months Ended

Oct. 31, 2021

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

Note 5 – Fair Value of Financial Instruments

Generally Accepted Accounting Principles establish a three-level valuation hierarchy for disclosure of fair value measurements. The determination of the applicable level within the hierarchy for a particular asset or liability depends on the inputs used in its valuation as of the measurement date, notably the extent to which the inputs are market-based (observable) or internally-derived (unobservable). A financial instrument’s categorization within the valuation hierarchy

is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:

●

Level 1 — inputs to the valuation methodology based on quoted prices (unadjusted) for identical assets or liabilities in active markets.

●

Level 2 — inputs to the valuation methodology based on quoted prices for similar assets or liabilities in active markets for substantially the full term of the financial instrument; quoted prices for identical or similar instruments in markets that are not active for substantially the full term of the financial instrument; and model-derived valuations whose inputs or significant value drivers are observable.

●

Level 3 — inputs to the valuation methodology based on unobservable prices or valuation techniques that are significant to the fair value measurement.

The following table summarizes the carrying values and the estimated fair values of the Company’s debt instruments:


		Carrying Value						Fair Value
		October 31,		October 31,		January 31,		October 31,		October 31,		January 31,
Financial Instrument	Level	2021		2020		2021		2021		2020		2021

		(In thousands)
Secured notes	2	$	400,000	$	400,000	$	400,000	$	400,000	$	400,000	$	400,000
Note issued to LVMH	3		112,613		106,361		107,869		107,983		99,832		101,810
Unsecured loans	2		8,444		7,232		9,119		8,444		7,232		9,119
Overdraft facilities	2		2,841		2,885		3,007		2,841		2,885		3,007

The Company’s debt instruments are recorded at their carrying values in its condensed consolidated balance sheets, which may differ from their respective fair values. The carrying amount of the Company’s variable rate debt approximates the fair value, as interest rates change with the market rates. Furthermore, the carrying value of all other financial instruments potentially subject to valuation risk (principally consisting of cash, accounts receivable and accounts payable) also approximates fair value due to the short-term nature of these accounts.

The 2% note in the principal amount of $125 million (the “LVMH Note”) issued to LVMH Moet Hennessy Louis Vuitton Inc. (“LVMH”) in connection with the acquisition of Donna Karan International (“DKI”) was recorded on the balance sheet at a discount of $40.0 million in accordance with ASC 820 – Fair Value Measurements. For purposes of this fair value disclosure, the Company based its fair value estimate for the LVMH Note on the initial fair value as determined at the date of the acquisition of DKI and records the amortization using the effective interest method over the term of the LVMH Note.

The fair value of the LVMH Note was considered a Level 3 valuation in the fair value hierarchy.

Non-Financial Assets and Liabilities

The Company’s non-financial assets that are measured at fair value on a nonrecurring basis include long-lived assets, which consist primarily of property and equipment and operating lease assets. The Company reviews these assets for impairment whenever events or changes in circumstances indicate that their carrying value may not be fully recoverable. For assets that are not recoverable, an impairment loss is recognized equal to the difference between the carrying amount of the asset or asset group and its estimated fair value. For operating lease assets, the Company determines the fair value of the assets by discounting the estimated market rental rates over the remaining term of the lease. These fair value measurements are considered level 3 measurements in the fair value hierarchy. During the second quarter of fiscal 2021, the Company recorded a $20 million impairment charge primarily related to operating lease assets, leasehold improvements and furniture and fixtures at certain Wilsons Leather, G.H. Bass, DKNY and Vilebrequin stores as a result of the performance at these stores.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Leases

9 Months Ended

Oct. 31, 2021

Leases [Abstract]

Leases

Note 6 – Leases

The Company leases retail stores, warehouses, distribution centers, office space and certain equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term.

Most leases are for a term of one to ten years. Some leases include one or more options to renew, with renewal terms that can extend the lease term from one to ten years. Several of the Company’s retail store leases include an option to terminate the lease based on failure to achieve a specified sales volume. The exercise of lease renewal options is generally at the Company’s sole discretion. The exercise of lease termination options is generally by mutual agreement between the Company and the lessor.

Certain of the Company’s lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants.

The Company’s lease assets and liabilities as of October 31, 2021, October 31, 2020 and January 31, 2021 consist of the following:



Leases	Classification	October 31, 2021		October 31, 2020		January 31, 2021

		(In thousands)
Assets
Operating	Operating lease assets	$	176,530	$	181,187	$	186,070
Total lease assets		$	176,530	$	181,187	$	186,070

Liabilities
Current operating	Current operating lease liabilities	$	45,117	$	65,554	$	43,560
Noncurrent operating	Noncurrent operating lease liabilities		147,688		157,983		161,668
Total lease liabilities		$	192,805	$	223,537	$	205,228

The Company’s operating lease liabilities significantly declined during fiscal 2021 due to the restructuring of the retail operations segment, partially offset by other leasing activity. As a result of this restructuring, the Company closed its Wilsons Leather, G.H. Bass and Calvin Klein Performance stores during fiscal 2021.

The Company recorded lease costs of $14.0 million and $41.1 million during the three and nine months ended October 31, 2021. The Company recorded lease costs of $18.7 million and $77.1 million during the three and nine months ended October 31, 2020, respectively. Lease costs are recorded within selling, general and administrative expenses in the Company’s condensed consolidated statements of operations and comprehensive income. The Company recorded variable lease costs and short-term lease costs of $2.8 million and $6.2 million for the three and nine months ended October 31, 2021, respectively. The Company recorded variable lease costs and short-term lease costs of $6.2 million and $5.3 million for the three and nine months ended October 31, 2020, respectively. Short-term lease costs are immaterial.

As of October 31, 2021, the Company’s maturity of operating lease liabilities in the years ending up to January 31, 2026 and thereafter are as follows:


Year Ending January 31,	Amount
	(In thousands)
2022	$	14,735
2023		57,185
2024		43,292
2025		35,903
2026		28,428
After 2026		60,958
Total lease payments	$	240,501
Less: Interest		47,696
Present value of lease liabilities	$	192,805

As of October 31, 2021, there are no material leases that are legally binding but have not yet commenced.

As of October 31, 2021, the weighted average remaining lease term related to operating leases is 5.3 years. The weighted average discount rate related to operating leases is 8.4%.

Cash paid for amounts included in the measurement of operating lease liabilities is $44.5 million and $79.7 million during the nine months ended October 31, 2021 and October 31, 2020, respectively. Right-of-use assets obtained in exchange for lease obligations were $24.6 million and $41.3 million during the nine months ended October 31, 2021 and October 31, 2020, respectively.

Net Income (Loss) per Common Share

9 Months Ended

Oct. 31, 2021

Net Income (Loss) per Common Share

Net Income (Loss) per Common Share

Note 7 – Net Income per Common Share

Basic net income per common share has been computed using the weighted average number of common shares outstanding during each period. Diluted net income per share, when applicable, is computed using the weighted average number of common shares and potential dilutive common shares, consisting of unvested restricted stock unit awards and stock options outstanding during the period. Approximately 68,800 and 18,300 shares of common stock have been excluded from the diluted net income per share calculation for the three and nine months ended October 31, 2021, respectively. Approximately 262,100 and 215,600 shares of common stock have been excluded from the diluted net income per share calculation for the three and nine months ended October 31, 2020, respectively. All share-based payments outstanding that vest based on the achievement of performance conditions, and for which the respective performance conditions have not been achieved, have been excluded from the diluted per share calculation.

The following table reconciles the numerators and denominators used in the calculation of basic and diluted net income per share:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2021		2020		2021		2020

	(In thousands, except share and per share amounts)
Net income attributable to G-III Apparel Group, Ltd.	$	106,674	$	63,174	$	152,163	$	8,903
Basic net income per share:
Basic common shares		48,567		48,359		48,474		48,201
Basic net income per share	$	2.20	$	1.31	$	3.14	$	0.18

Diluted net income per share:
Basic common shares		48,567		48,359		48,474		48,201
Dilutive restricted stock unit awards and stock options		891		450		1,025		388
Diluted common shares		49,458		48,809		49,499		48,589
Diluted net income per share	$	2.16	$	1.29	$	3.07	$	0.18

Notes Payable

9 Months Ended

Oct. 31, 2021

Notes Payable and Other Liabilities [Abstract]

NOTES PAYABLE

Note 8 – Notes Payable

Long-term debt consists of the following:


	October 31, 2021		October 31, 2020		January 31, 2021

	(In thousands)
Secured Notes	$	400,000	$	400,000	$	400,000
Revolving credit facility		—		—		—
LVMH Note		125,000		125,000		125,000
Unsecured loans		8,444		7,232		9,119
Overdraft facilities		2,841		2,885		3,007
Subtotal		536,285		535,117		537,126
Less: Net debt issuance costs ⁽¹⁾		(6,369)		(8,067)		(7,643)
Debt discount		(12,387)		(18,639)		(17,131)
Current portion of long-term debt		(4,063)		(4,083)		(4,402)
Total	$	513,466	$	504,328	$	507,950

(1)

Does not include debt issuance costs, net of amortization, totaling $6.0 million, $7.3 million and $7.2 million as of October 31, 2021, October 31, 2020 and January 31, 2021, respectively, related to the revolving credit facility. These debt issuance costs have been deferred and are classified in assets in the accompanying condensed consolidated balance sheets in accordance with ASC 835.

Senior Secured Notes

In August 2020, the Company completed a private debt offering of $400 million aggregate principal amount of its 7.875% Senior Secured Notes due 2025 (the “Notes”). The terms of the Notes are governed by an indenture (the “Indenture”), among the Company, the guarantors party thereto and U.S. Bank, National Association, as trustee and collateral agent (the “Collateral Agent”). The net proceeds of the Notes have been used (i) to repay the $300 million that was outstanding under the Company’s prior term loan facility due 2022 (the “Term Loan”), (ii) to pay related fees and expenses and (iii) for general corporate purposes.

The Notes bear interest at a rate of 7.875% per year payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2021.

The Notes are unconditionally guaranteed on a senior-priority secured basis by the Company’s current and future wholly-owned domestic subsidiaries that guarantee any of the Company’s credit facilities, including the Company’s ABL facility (the “ABL Facility”) pursuant to the ABL Credit Agreement, or certain future capital markets indebtedness of the Company or guarantors.

The Notes and the related guarantees are secured by (i) first priority liens on the Company’s Cash Flow Priority Collateral (as defined in the Indenture), and (ii) a second-priority lien on the Company’s ABL Priority Collateral (as defined in the Indenture), in each case subject to permitted liens described in the Indenture.

In connection with the issuance of the Notes and execution of the Indenture, the Company and the Guarantors entered into a pledge and security agreement (the “Pledge and Security Agreement”), among the Company, the Guarantors and the Collateral Agent.

The Notes are subject to the terms of the intercreditor agreement which governs the relative rights of the secured parties in respect of the ABL Facility and the Notes (the “Intercreditor Agreement”). The Intercreditor Agreement restricts the actions permitted to be taken by the Collateral Agent with respect to the Collateral on behalf of the holders of the Notes. The Notes are also subject to the terms of the LVMH Note subordination agreement which governs the relative rights of the secured parties in respect of the LVMH Note, the ABL Facility and the Notes.

At any time prior to August 15, 2022, the Company may redeem some or all of the Notes at a price equal to 100% of the principal amount of the Notes redeemed plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date plus a “make-whole” premium, as described in the Indenture. On or after August 15, 2022, the Company may redeem some or all of the Notes at any time and from time to time at the redemption prices set forth in the Indenture, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. In addition, at any time prior to August 15, 2022, the Company may redeem up to 40% of the aggregate principal amount of the Notes with the proceeds of certain equity offerings at the redemption price set forth in the Indenture, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. In addition, at any time prior to August 15, 2022, during any twelve month period, the Company may redeem up to 10% of the aggregate principal amount of the Notes at a redemption price equal to 103% of the principal amount of the Notes redeemed plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date.

If the Company experiences a Change of Control (as defined in the Indenture), the Company is required to offer to repurchase the Notes at 101% of the principal amount of such Notes plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase.

The Indenture contains covenants that, among other things, limit the Company’s ability and the ability of its restricted subsidiaries to incur or guarantee additional indebtedness, pay dividends or make other restricted payments, make certain investments, incur restrictions on the ability of the Company’s restricted subsidiaries that are not guarantors to pay dividends or make certain other payments, create or incur certain liens, sell assets and subsidiary stock, impair the security interests, transfer all or substantially all of the Company’s assets or enter into merger or consolidation transactions, and enter into transactions with affiliates. The Indenture provides for customary events of default which include (subject in certain cases to customary grace and cure periods), among others, nonpayment of principal or interest, breach of other agreements in the Indenture, failure to pay certain other indebtedness, failure of certain guarantees to be enforceable,

failure to perfect certain collateral securing the Notes failure to pay certain final judgments, and certain events of bankruptcy or insolvency.

The Company incurred debt issuance costs totaling $8.5 million related to the Notes that will be amortized over the term of the Notes. In accordance with ASC 835, the debt issuance costs have been deferred and are presented as a contra-liability, offsetting the outstanding balance of the Notes, and are amortized over the remaining life of the Notes. In addition, the Company had unamortized debt issuance costs of $6.1 million associated with the Term Loan. Upon repayment of the Term Loan, these debt issuance costs were fully extinguished and charged to interest expense in the Company’s results of operations.

Second Amended and Restated ABL Credit Agreement

In August 2020, the Company’s subsidiaries, G-III Leather Fashions, Inc., Riviera Sun, Inc., CK Outerwear, LLC, AM Retail Group, Inc. and The Donna Karan Company Store LLC (collectively, the “Borrowers”), entered into the second amended and restated credit agreement (the “ABL Credit Agreement”) with the Lenders named therein and with JPMorgan Chase Bank, N.A., as Administrative Agent. The ABL Credit Agreement is a five year senior secured credit facility subject to a springing maturity date if, subject to certain conditions, the LVMH Note is not refinanced or repaid prior to the date that is 91 days prior to the date of any relevant payment thereunder. The ABL Credit Agreement provides for borrowings in the aggregate principal amount of up to $650 million. The Company and its subsidiaries, G-III Apparel Canada ULC, Gabrielle Studio, Inc., Donna Karan International Inc. and Donna Karan Studio LLC (the “Guarantors”), are Loan Guarantors under the ABL Credit Agreement.

The ABL Credit Agreement refinanced, amended and restated the Amended Credit Agreement, dated as of December 1, 2016 (as amended, supplemented or otherwise modified from time to time prior to August 7, 2020, the “Prior Credit Agreement”), by and among the Borrowers and the Loan Guarantors (each as defined therein) party thereto, the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., in its capacity as the administrative agent thereunder. The Prior Credit Agreement provided for borrowings of up to $650 million and was due to expire in December 2021. The ABL Credit Agreement extended the maturity date to August 2025, subject to a springing maturity date if, subject to certain conditions, the LVMH Note is not refinanced or repaid prior to the date that is 91 days prior to the date of any relevant payment thereunder.

Amounts available under the ABL Credit Agreement are subject to borrowing base formulas and overadvances as specified in the ABL Credit Agreement. Borrowings bear interest, at the Borrowers’ option, at LIBOR plus a margin of 1.75% to 2.25% or an alternate base rate margin of 0.75% to 1.25% (defined as the greatest of (i) the “prime rate” of JPMorgan Chase Bank, N.A. from time to time, (ii) the federal funds rate plus 0.5% and (iii) the LIBOR rate for a borrowing with an interest period of one month) plus 1.00%, with the applicable margin determined based on Borrowers’ availability under the ABL Credit Agreement. The ABL Credit Agreement is secured by specified assets of the Borrowers and the Guarantors. In addition to paying interest on any outstanding borrowings under the ABL Credit Agreement, the Company is required to pay a commitment fee to the lenders under the credit agreement with respect to the unutilized commitments. The commitment fee accrues at a tiered rate equal to 0.50% per annum on the average daily amount of the available commitments when the average usage is less than 50% of the total available commitments and decreases to 0.35% per annum on the average daily amount of the available commitments when the average usage is greater than or equal to 50% of the total available commitments.

The revolving credit facility contains covenants that, among other things, restrict the Company’s ability, subject to specified exceptions, to incur additional debt; incur liens; sell or dispose of certain assets; merge with other companies; liquidate or dissolve the Company; acquire other companies; make loans, advances, or guarantees; and make certain investments. In certain circumstances, the revolving credit facility also requires the Company to maintain a fixed charge coverage ratio, as defined in the agreement, not less than 1.00 to 1.00 for each period of twelve consecutive fiscal months of the Company. As of October 31, 2021, the Company was in compliance with these covenants.

As of October 31, 2021, the Company had no borrowings outstanding under the ABL Credit Agreement. The ABL credit agreement also includes amounts available for letters of credit. As of October 31, 2021, there were outstanding trade and standby letters of credit amounting to $13.1 million and $4.0 million, respectively.

At the date of the refinancing of the Prior Credit Agreement, the Company had $3.3 million of unamortized debt issuance costs remaining from the Prior Credit Agreement. The Company extinguished and charged to interest expense $0.4 million of the prior debt issuance costs and incurred new debt issuance costs totaling $5.1 million related to the ABL Credit Agreement. The Company has a total of $8.0 million debt issuance costs related to the ABL Credit Agreement. As permitted under ASC 835, the debt issuance costs have been deferred and are presented as an asset which is amortized ratably over the term of the ABL Credit Agreement.

LVMH Note

As a portion of the consideration for the acquisition of DKI, the Company issued to LVMH a junior lien secured promissory note in the principal amount of $125.0 million that bears interest at the rate of 2% per year. $75.0 million of the principal amount of the LVMH Note is due and payable on June 1, 2023 and $50.0 million of such principal amount is due and payable on December 1, 2023.

ASC 820 requires the note to be recorded at fair value at issuance. As a result, the Company recorded a $40.0 million debt discount. This discount is being amortized as interest expense using the effective interest method over the term of the LVMH Note.

Unsecured Loans

During fiscal 2020 and fiscal 2021, T.R.B International SA (“TRB”), a subsidiary of Vilebrequin, borrowed funds under several unsecured loans. A portion of the unsecured loans were to provide funding for operations in the normal course of business, while other unsecured loans were various European state backed loans as part of COVID-19 relief programs. In the aggregate, TRB is currently required to make quarterly installment payments of €0.2 million under these loans. Interest on the outstanding principal amount of the unsecured loans accrues at a fixed rate equal to 0% to 2.0% per annum, payable on either a quarterly or monthly basis. As of October 31, 2021, TRB had an aggregate outstanding balance of €7.3 million ($8.4 million) under these unsecured loans.

Overdraft Facilities

During fiscal 2021, TRB entered into several overdraft facilities that allow for applicable bank accounts to be in a negative position up to a certain maximum overdraft. TRB entered into an uncommitted overdraft facility with HSBC Bank allowing for a maximum overdraft of €5 million. Interest on drawn balances accrues at a rate equal to the Euro Interbank Offered Rate plus a margin of 1.75% per annum, payable quarterly. The facility may be cancelled at any time by TRB or HSBC Bank. As part of a COVID-19 relief program, TRB and its subsidiaries have also entered into several state backed overdraft facilities with UBS Bank in Switzerland for an aggregate of CHF 4.7 million at varying interest rates of 0% to 0.5%. As of October 31, 2021, TRB had an aggregate of €2.5 million ($2.8 million) drawn under these facilities.

Sonia Rykiel Acquisition

9 Months Ended

Oct. 31, 2020

Business Combinations [Abstract]

Sonia Rykiel Acquisition

Note 9 – Sonia Rykiel Acquisition

In October 2021, the Company purchased European luxury fashion brand Sonia Rykiel. The total purchase price was not material. Sonia Rykiel was one of the leading figures of Parisian fashion who created the iconic brand. Sonia Rykiel is a wholly-owned operating subsidiary that reports results on a calendar year basis rather than the January 31 fiscal year basis used by the Company. Accordingly, the results of Sonia Rykiel will be included in the Company’s consolidated financial statements beginning in the fourth quarter of fiscal 2022.

The acquisition was accounted for under the acquisition method of accounting. Accordingly, the acquired assets have been recorded at their estimated fair values as of October 31, 2021. The Company is currently evaluating the fair value of the acquired trademarks and other assets and liabilities, including contingent consideration, and has preliminarily recorded the acquisition to trademarks and goodwill.

Revenue Recognition

9 Months Ended

Oct. 31, 2021

Revenue Recognition [Abstract]

Revenue Recognition

Note 10 – Revenue Recognition

Disaggregation of Revenue

In accordance with ASC 606 – Revenue from Contracts with Customers, the Company discloses its revenues by segment. Each segment presents its own characteristics with respect to the timing of revenue recognition and the type of customer. In addition, disaggregating revenues using a segment basis is consistent with how the Company’s Chief Operating Decision Maker manages the Company. The Company has identified the wholesale operations segment and the retail operations segment as distinct sources of revenue.

Wholesale Operations Segment. Wholesale revenues include sales of products to retailers under owned, licensed and private label brands, as well as sales related to the Vilebrequin business. Wholesale revenues from sales of products are recognized when control transfers to the customer. The Company considers control to have been transferred when the Company has transferred physical possession of the product, the Company has a right to payment for the product, the customer has legal title to the product and the customer has the significant risks and rewards of the product. Wholesale revenues are adjusted by variable consideration arising from implicit or explicit obligations. Wholesale revenues also include revenues from license agreements related to the DKNY, Donna Karan, G.H. Bass, Andrew Marc and Vilebrequin trademarks owned by the Company. As of October 31, 2021, revenues from license agreements represented an insignificant portion of wholesale revenues.

Retail Operations Segment. Retail store revenues are generated by direct sales to consumers through company-operated stores and product sales through the Company’s digital channels for the DKNY, Donna Karan, G.H. Bass, Karl Lagerfeld Paris, Andrew Marc and Wilsons Leather businesses. Prior to completion of the restructuring in fiscal 2021, retail stores primarily consisted of Wilsons Leather, G.H. Bass, DKNY and Karl Lagerfeld Paris retail stores, substantially all of which are operated as outlet stores. The Company’s Wilsons Leather, G.H. Bass and Calvin Klein Performance stores were closed in fiscal 2021 as a result of the retail restructuring. Retail operations segment revenues are recognized at the point of sale when the customer takes possession of the goods and tenders payment. Digital revenues primarily consist of sales to consumers through the Company’s digital platforms. Digital revenue is recognized when a customer takes possession of the goods. Retail sales are recorded net of applicable sales tax.

Contract Liabilities

The Company’s contract liabilities, which are recorded within accrued expenses in the accompanying condensed consolidated balance sheets, primarily consist of gift card liabilities and advance payments from licensees. In some of its retail concepts, the Company also offers a limited loyalty program where customers accumulate points redeemable for cash discount certificates that expire 90 days after issuance. Total contract liabilities were $3.8 million, $4.1 million and $5.9 million at October 31, 2021, October 31, 2020 and January 31, 2021, respectively. The Company recognized $3.2 million in revenue for the three months ended October 31, 2021 related to contract liabilities that existed at July 31, 2021. The Company recognized $4.4 million in revenue for the nine months ended October 31, 2021 related to contract liabilities that existed at January 31, 2021. There were no contract assets recorded as of October 31, 2021, October 31, 2020 and January 31, 2021. Substantially all of the advance payments from licensees as of October 31, 2021 are expected to be recognized as revenue within the next twelve months.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segments

9 Months Ended

Oct. 31, 2021

Segments [Abstract]

SEGMENTS

Note 11 – Segments

The Company’s reportable segments are business units that offer products through different channels of distribution. The Company has two reportable segments: wholesale operations and retail operations. The wholesale operations segment includes sales of products under the Company’s owned, licensed and private label brands, as well as sales related to the Vilebrequin business. Wholesale revenues also include revenues from license agreements related to our owned trademarks including DKNY, Donna Karan, Vilebrequin, G.H. Bass and Andrew Marc. The retail operations segment consists primarily of direct sales to consumers through Company-operated stores, which, prior to the completion of the retail restructuring in fiscal 2021, consisted primarily of Wilsons Leather, G.H. Bass, DKNY and Karl Lagerfeld Paris stores, substantially all of which were operated as outlet stores. Sales through Company-owned channels, with the exception of Vilebrequin, are also included in the retail operations segment. As a result of the restructuring of the Company’s retail operations, the Company closed its Wilsons Leather, G.H. Bass and Calvin Klein Performance retail stores during fiscal

2021. After completion of the restructuring, the Company’s retail operations segment consists of DKNY and Karl Lagerfeld Paris stores, as well as the digital channels for DKNY, Donna Karan, Karl Lagerfeld Paris, G.H. Bass, Andrew Marc and Wilsons Leather.

The following segment information is presented for the three-month periods indicated below:


	Three Months Ended October 31, 2021
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	1,013,440	$	26,164	$	(24,212)	$	1,015,392
Cost of goods sold		678,959		13,135		(24,212)		667,882
Gross profit		334,481		13,029		—		347,510
Selling, general and administrative expenses		162,357		20,003		—		182,360
Depreciation and amortization		6,089		935		—		7,024
Operating profit (loss)	$	166,035	$	(7,909)	$	—	$	158,126


	Three Months Ended October 31, 2020
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	783,030	$	57,982	$	(14,451)	$	826,561
Cost of goods sold		504,919		38,338		(14,451)		528,806
Gross profit		278,111		19,644		—		297,755
Selling, general and administrative expenses		134,050		43,575		—		177,625
Depreciation and amortization		8,472		1,715		—		10,187
Gain on lease modifications		(102)		(15)		—		(117)
Operating profit (loss)	$	135,691	$	(25,631)	$	—	$	110,060


	Nine Months Ended October 31, 2021
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	1,991,967	$	72,869	$	(46,453)	$	2,018,383
Cost of goods sold		1,293,086		35,893		(46,453)		1,282,526
Gross profit		698,881		36,976		—		735,857
Selling, general and administrative expenses		416,982		53,821		—		470,803
Depreciation and amortization		18,388		2,778		—		21,166
Operating profit (loss)	$	263,511	$	(19,623)	$	—	$	243,888


	Nine Months Ended October 31, 2020
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	1,428,711	$	126,397	$	(26,204)	$	1,528,904
Cost of goods sold		914,900		83,359		(26,204)		972,055
Gross profit		513,811		43,038		—		556,849
Selling, general and administrative expenses		323,377		130,970		—		454,347
Depreciation and amortization		25,155		4,590		—		29,745
Gain on lease modifications		505		16,867		—		17,372
Operating profit (loss)	$	164,774	$	(109,389)	$	—	$	55,385

(1)Represents intersegment sales to the Company’s retail operations segment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Stockholders' Equity.

9 Months Ended

Oct. 31, 2021

Stockholders' Equity [Abstract]

Stockholders' Equity

Note 12 – Stockholders’ Equity

For the three months ended October 31, 2021, the Company issued no shares of common stock and utilized 2,366 shares of treasury stock in connection with the vesting of equity awards. For the three months ended October 31, 2020, the Company issued no shares of common stock and utilized no shares of treasury stock in connection with the vesting of equity awards. For the nine months ended October 31, 2021, the Company issued no shares of common stock and utilized 191,837 shares of treasury stock in connection with the vesting of equity awards. For the nine months ended

October 31, 2020, the Company issued no shares of common stock and utilized 349,342 shares of treasury stock in connection with the vesting of equity awards.

Income Taxes

9 Months Ended

Oct. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 13 – Income Taxes

For the three months ended October 31, 2021 and October 31, 2020, the Company recorded a $40.2 million income tax expense and a $28.4 million income tax expense, respectively. For the nine months ended October 31, 2021 and October 31, 2020, the Company recorded a $59.7 million income tax expense and an $8.4 million income tax expense, respectively. Historically, the Company has calculated its provision for income taxes during interim reporting periods by applying the estimated annual effective tax rate for the full fiscal year to pre-tax income or loss, excluding discrete items, for the reporting period.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Canadian Customs Duty Examination

9 Months Ended

Oct. 31, 2021

Canadian Customs Duty Examination [Abstract]

Canadian Customs Duty Examination

Note 14 – Canadian Customs Duty Examination

In October 2017, the Canada Border Service Agency (“CBSA”) issued a final audit report to G-III Apparel Canada ULC (“G-III Canada”), a wholly-owned subsidiary of the Company. The report challenged the valuation used by G-III Canada for certain goods imported into Canada. The period covered by the examination is February 1, 2014 through October 27, 2017, the date of the final report. The CBSA has requested G-III Canada to reassess its customs entries for that period using the price paid or payable by the Canadian retail customers for certain imported goods rather than the price paid by G-III Canada to the vendor. The CBSA has also requested that G-III Canada change the valuation method used to pay duties with respect to goods imported in the future.

In March 2018, G-III Canada provided a bond to guarantee payment to the CBSA for additional duties payable as a result of the reassessment required by the final audit report. The Company secured a bond in the amount of CAD$26.9 million ($20.9 million) representing customs duty and interest through December 31, 2017 that is claimed to be owed to the CBSA. In March 2018, the Company amended the duties filed for the month of January 2018 based on the new valuation method. This amount was paid to the CBSA. Beginning February 1, 2018, the Company began paying duties based on the new valuation method. There were no amounts paid and deferred for the three and nine months ended October 31, 2021, related to the higher dutiable values, however, the Company paid interest in the amount of CAD$1.0 million (US$0.8 million) on the additional duties for the period January 15, 2018 through November 25, 2020, the date of the CBSA’s final decision as discussed below. Cumulative amounts paid and deferred through October 31, 2021, related to the higher dutiable values, were CAD$14.4 million (US$11.6 million).

Effective June 1, 2019, G-III commenced paying based on the dutiable value of G-III Canada’s imports based on the pre-audit levels. G-III continued to defer the additional duty paid through the month of May 2019 pending the final outcome of the appeal.

The CBSA has issued its final decision denying the appeal filed by G-III Canada with the President’s Office of the CBSA. G-III Canada has filed a Notice of Appeal with the Canadian International Trade Tribunal (the “Tribunal”) further appealing the CBSA decision. The Tribunal has confirmed receipt of the Notice of Appeal. G-III Canada filed its case brief and evidence on April 13, 2021. The CBSA filed its brief on June 14, 2021. A hearing on the appeal was held on December 7, 2021.

G-III Canada, based on the advice of counsel, believes it has positions that support its valuations for duty as declared and therefore its ability to receive a refund of amounts claimed to be owed to the CBSA on appeal and intends to vigorously contest the findings of the CBSA.

Recent Adopted and Issued Accounting Pronouncements

9 Months Ended

Oct. 31, 2021

Recent Adopted and Issued Accounting Pronouncements [Abstract]

Recent Adopted and Issued Accounting Pronouncements

Note 15 – Recent Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Guidance

There was no accounting guidance adopted during the three months ended October 31, 2021.

Issued Accounting Guidance Being Evaluated for Adoption

The Company has reviewed all recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to the condensed consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Recent Adopted and Issued Accounting Pronouncements (Policies)

9 Months Ended

Oct. 31, 2021

Recent Adopted and Issued Accounting Pronouncements [Abstract]

Recently Adopted Accounting Guidance

Recently Adopted Accounting Guidance

There was no accounting guidance adopted during the three months ended October 31, 2021.

Allowance for Doubtful Accounts (Tables)

9 Months Ended

Oct. 31, 2021

Allowance for Doubtful Accounts [Abstract]

Accounts Receivable and Allowance for Doubtful Accounts

The Company’s accounts receivable and allowance for doubtful accounts as of October 31, 2021, October 31, 2020 and January 31, 2021 were:


	October 31, 2021
	Wholesale		Retail		Total

	(In thousands)
Accounts receivable, gross	$	860,245	$	1,586	$	861,831
Allowance for doubtful accounts		(17,412)		(37)		(17,449)
Accounts receivable, net	$	842,833	$	1,549	$	844,382

	October 31, 2020
	Wholesale		Retail		Total

	(In thousands)
Accounts receivable, gross	$	734,481	$	1,968	$	736,449
Allowance for doubtful accounts		(15,437)		(37)		(15,474)
Accounts receivable, net	$	719,044	$	1,931	$	720,975

	January 31, 2021
	Wholesale		Retail		Total

	(In thousands)
Accounts receivable, gross	$	509,010	$	1,147	$	510,157
Allowance for doubtful accounts		(17,429)		(30)		(17,459)
Accounts receivable, net	$	491,581	$	1,117	$	492,698

Activity in Allowance for Credit Losses

The Company had the following activity in its allowance for credit losses:


	Wholesale		Retail		Total

	(In thousands)
Balance as of January 31, 2021	$	(17,429)	$	(30)	$	(17,459)
Provision for credit losses		(54)		(7)		(61)
Accounts written off as uncollectible		71		—		71
Balance as of October 31, 2021	$	(17,412)	$	(37)	$	(17,449)

Balance as of January 31, 2020	$	(628)	$	(82)	$	(710)
Provision for credit losses		(14,919)		45		(14,874)
Accounts written off as uncollectible		110		—		110
Balance as of October 31, 2020	$	(15,437)	$	(37)	$	(15,474)

Balance as of January 31, 2020	$	(628)	$	(82)	$	(710)
Provision for credit losses		(16,934)		52		(16,882)
Accounts written off as uncollectible		133		—		133
Balance as of January 31, 2021	$	(17,429)	$	(30)	$	(17,459)

Fair Value of Financial Instruments (Tables)

9 Months Ended

Oct. 31, 2021

Fair Value of Financial Instruments [Abstract]

Schedule of carrying values and estimated fair values of debt instruments


		Carrying Value						Fair Value
		October 31,		October 31,		January 31,		October 31,		October 31,		January 31,
Financial Instrument	Level	2021		2020		2021		2021		2020		2021

		(In thousands)
Secured notes	2	$	400,000	$	400,000	$	400,000	$	400,000	$	400,000	$	400,000
Note issued to LVMH	3		112,613		106,361		107,869		107,983		99,832		101,810
Unsecured loans	2		8,444		7,232		9,119		8,444		7,232		9,119
Overdraft facilities	2		2,841		2,885		3,007		2,841		2,885		3,007

Leases (Tables)

9 Months Ended

Oct. 31, 2021

Leases [Abstract]

Schedule of lease assets and liabilities



Leases	Classification	October 31, 2021		October 31, 2020		January 31, 2021

		(In thousands)
Assets
Operating	Operating lease assets	$	176,530	$	181,187	$	186,070
Total lease assets		$	176,530	$	181,187	$	186,070

Liabilities
Current operating	Current operating lease liabilities	$	45,117	$	65,554	$	43,560
Noncurrent operating	Noncurrent operating lease liabilities		147,688		157,983		161,668
Total lease liabilities		$	192,805	$	223,537	$	205,228

Schedule of maturity of operating lease liabilities


Year Ending January 31,	Amount
	(In thousands)
2022	$	14,735
2023		57,185
2024		43,292
2025		35,903
2026		28,428
After 2026		60,958
Total lease payments	$	240,501
Less: Interest		47,696
Present value of lease liabilities	$	192,805

Net Income (Loss) per Common Share (Tables)

9 Months Ended

Oct. 31, 2021

Net Income (Loss) per Common Share

Schedule of reconciliation between basic and diluted net income per share

The following table reconciles the numerators and denominators used in the calculation of basic and diluted net income per share:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2021		2020		2021		2020

	(In thousands, except share and per share amounts)
Net income attributable to G-III Apparel Group, Ltd.	$	106,674	$	63,174	$	152,163	$	8,903
Basic net income per share:
Basic common shares		48,567		48,359		48,474		48,201
Basic net income per share	$	2.20	$	1.31	$	3.14	$	0.18

Diluted net income per share:
Basic common shares		48,567		48,359		48,474		48,201
Dilutive restricted stock unit awards and stock options		891		450		1,025		388
Diluted common shares		49,458		48,809		49,499		48,589
Diluted net income per share	$	2.16	$	1.29	$	3.07	$	0.18

Notes Payable (Tables)

9 Months Ended

Oct. 31, 2021

Notes Payable and Other Liabilities [Abstract]

Schedule of long-term debt

Long-term debt consists of the following:


	October 31, 2021		October 31, 2020		January 31, 2021

	(In thousands)
Secured Notes	$	400,000	$	400,000	$	400,000
Revolving credit facility		—		—		—
LVMH Note		125,000		125,000		125,000
Unsecured loans		8,444		7,232		9,119
Overdraft facilities		2,841		2,885		3,007
Subtotal		536,285		535,117		537,126
Less: Net debt issuance costs ⁽¹⁾		(6,369)		(8,067)		(7,643)
Debt discount		(12,387)		(18,639)		(17,131)
Current portion of long-term debt		(4,063)		(4,083)		(4,402)
Total	$	513,466	$	504,328	$	507,950

(1)

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Segments (Tables)

9 Months Ended

Oct. 31, 2021

Segments [Abstract]

Schedule of information regarding reportable segments

The following segment information is presented for the three-month periods indicated below:


	Three Months Ended October 31, 2021
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	1,013,440	$	26,164	$	(24,212)	$	1,015,392
Cost of goods sold		678,959		13,135		(24,212)		667,882
Gross profit		334,481		13,029		—		347,510
Selling, general and administrative expenses		162,357		20,003		—		182,360
Depreciation and amortization		6,089		935		—		7,024
Operating profit (loss)	$	166,035	$	(7,909)	$	—	$	158,126


	Three Months Ended October 31, 2020
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	783,030	$	57,982	$	(14,451)	$	826,561
Cost of goods sold		504,919		38,338		(14,451)		528,806
Gross profit		278,111		19,644		—		297,755
Selling, general and administrative expenses		134,050		43,575		—		177,625
Depreciation and amortization		8,472		1,715		—		10,187
Gain on lease modifications		(102)		(15)		—		(117)
Operating profit (loss)	$	135,691	$	(25,631)	$	—	$	110,060


	Nine Months Ended October 31, 2021
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	1,991,967	$	72,869	$	(46,453)	$	2,018,383
Cost of goods sold		1,293,086		35,893		(46,453)		1,282,526
Gross profit		698,881		36,976		—		735,857
Selling, general and administrative expenses		416,982		53,821		—		470,803
Depreciation and amortization		18,388		2,778		—		21,166
Operating profit (loss)	$	263,511	$	(19,623)	$	—	$	243,888


	Nine Months Ended October 31, 2020
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	1,428,711	$	126,397	$	(26,204)	$	1,528,904
Cost of goods sold		914,900		83,359		(26,204)		972,055
Gross profit		513,811		43,038		—		556,849
Selling, general and administrative expenses		323,377		130,970		—		454,347
Depreciation and amortization		25,155		4,590		—		29,745
Gain on lease modifications		505		16,867		—		17,372
Operating profit (loss)	$	164,774	$	(109,389)	$	—	$	55,385

(1)Represents intersegment sales to the Company’s retail operations segment.

Basis of Presentation - Textuals (Details) $ in Thousands		9 Months Ended
Basis of Presentation - Textuals (Details) $ in Thousands	Dec. 01, 2020	Oct. 31, 2021 USD ($) entity	Jul. 31, 2021 USD ($)	Jan. 31, 2021 USD ($)	Nov. 30, 2020	Oct. 31, 2020 USD ($)	Jul. 31, 2020 USD ($)	Jan. 31, 2020 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of investments using equity method accounting \| entity		2
Cumulative effect of adoption of ASC		$ 1,486,239	$ 1,380,612	$ 1,336,241		$ 1,310,267	$ 1,237,749	$ 1,290,672
Retained Earnings
Schedule of Equity Method Investments [Line Items]
Cumulative effect of adoption of ASC		$ 1,068,575	$ 961,901	916,683		$ 902,041	$ 838,867	$ 893,138
Fabco Holding B.V. [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percent					49.00%
Subsidiary ownership percentage	75.00%
KL North America B.V. [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percent		49.00%
Karl Lagerfeld Holding B.V. ("KLH")
Schedule of Equity Method Investments [Line Items]
Ownership percent		19.00%
Cumulative Effect, Period of Adoption, Adjustment
Schedule of Equity Method Investments [Line Items]
Cumulative effect of adoption of ASC				(271)
Cumulative Effect, Period of Adoption, Adjustment \| Retained Earnings
Schedule of Equity Method Investments [Line Items]
Cumulative effect of adoption of ASC				$ (271)

Retail Restructuring (Details) $ in Thousands	3 Months Ended
Retail Restructuring (Details) $ in Thousands	Oct. 31, 2020 USD ($)
Store Closing Costs
Cash payments	$ 46,000

Allowance for Doubtful Accounts (Narrative) (Details) $ in Thousands	9 Months Ended		12 Months Ended
	Oct. 31, 2021 USD ($) segment	Oct. 31, 2020 USD ($)	Jan. 31, 2021 USD ($)
Allowance for Doubtful Accounts [Abstract]
Number of reportable segments \| segment	2
Increase in allowance for doubtful accounts \| $	$ 61	$ 14,874	$ 16,882

Allowance for Doubtful Accounts (Accounts Receivable and Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Jan. 31, 2021	Oct. 31, 2020	Jan. 31, 2020
Segment Reporting Information [Line Items]
Accounts receivable, gross	$ 861,831	$ 510,157	$ 736,449
Allowance for doubtful accounts	(17,449)	(17,459)	(15,474)	$ (710)
Accounts receivable, net	844,382	492,698	720,975
Wholesale
Segment Reporting Information [Line Items]
Accounts receivable, gross	860,245	509,010	734,481
Allowance for doubtful accounts	(17,412)	(17,429)	(15,437)	(628)
Accounts receivable, net	842,833	491,581	719,044
Retail [Member]
Segment Reporting Information [Line Items]
Accounts receivable, gross	1,586	1,147	1,968
Allowance for doubtful accounts	(37)	(30)	(37)	$ (82)
Accounts receivable, net	$ 1,549	$ 1,117	$ 1,931

Allowance for Doubtful Accounts (Activity in Allowance for Credit Losses) (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Jan. 31, 2021
Segment Reporting Information [Line Items]
Beginning balance	$ (17,459)	$ (710)	$ (710)
Provision for credit losses	(61)	(14,874)	(16,882)
Accounts written off as uncollectible	71	110	133
Ending balance	(17,449)	(15,474)	(17,459)
Wholesale
Segment Reporting Information [Line Items]
Beginning balance	(17,429)	(628)	(628)
Provision for credit losses	(54)	(14,919)	(16,934)
Accounts written off as uncollectible	71	110	133
Ending balance	(17,412)	(15,437)	(17,429)
Retail [Member]
Segment Reporting Information [Line Items]
Beginning balance	(30)	(82)	(82)
Provision for credit losses	(7)	45	52
Ending balance	$ (37)	$ (37)	$ (30)

Inventories - Textuals (Details) - USD ($) $ in Millions	Oct. 31, 2021	Jan. 31, 2021	Oct. 31, 2020
Inventory [Line Items]
Inventory held on consignment	$ 5.6	$ 3.5	$ 4.8
Prepaid Expenses and Other Current Assets
Inventory [Line Items]
Inventory return asset	$ 13.9	$ 22.5	$ 20.6

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Jan. 31, 2021	Oct. 31, 2020
Level 2 \| Secured notes
Debt Instrument [Line Items]
Debt instruments, carrying value	$ 400,000	$ 400,000	$ 400,000
Debt instruments, fair value	400,000	400,000	400,000
Level 2 \| Unsecured Loan
Debt Instrument [Line Items]
Debt instruments, carrying value	8,444	9,119	7,232
Debt instruments, fair value	8,444	9,119	7,232
Level 2 \| Overdraft facilities
Debt Instrument [Line Items]
Debt instruments, carrying value	2,841	3,007	2,885
Debt instruments, fair value	2,841	3,007	2,885
Level 3 \| LVMH Note
Debt Instrument [Line Items]
Debt instruments, carrying value	112,613	107,869	106,361
Debt instruments, fair value	$ 107,983	$ 101,810	$ 99,832

Fair Value of Financial Instruments - Textuals (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2020	Oct. 31, 2021
Debt Instrument [Line Items]
Impairment of the operating lease assets, net of tax	$ 20.0
LVMH Note
Debt Instrument [Line Items]
Debt instrument interest rate		2.00%
Debt Instrument, Face Amount		$ 125.0
Debt discount		$ 40.0

Leases (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases (Details) - USD ($) $ in Millions	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021
Lessee, Operating Lease, Description [Abstract]
Option to extend			true
Lessee, operating lease, option to terminate			The exercise of lease renewal options is generally at the Company’s sole discretion. The exercise of lease termination options is generally by mutual agreement between the Company and the lessor.
Variable lease costs and short-term lease costs including rent forgiveness	$ 2.8	$ 6.2	$ 6.2
Variable and short term cost			$ 5.3
Impairment charge related to the operating lease assets		$ 20.0
Minimum
Lessee, Operating Lease, Description [Abstract]
Operating lease, contract term	1 year		1 year
Renewal term	1 year		1 year
Maximum
Lessee, Operating Lease, Description [Abstract]
Operating lease, contract term	10 years		10 years
Renewal term	10 years		10 years

Leases - Lease assets and liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Jan. 31, 2021	Oct. 31, 2020
Assets and Liabilities, Lessee [Abstract]
Operating lease assets	$ 176,530	$ 186,070	$ 181,187
Classification of operating lease assets	Operating lease assets
Total lease assets	$ 176,530	186,070	181,187
Current operating lease liabilities	$ 45,117	43,560	65,554
Classification current operating lease liabilities	Current operating lease liabilities
Noncurrent operating lease liabilities	$ 147,688	161,668	157,983
Classification of noncurrent operating liabilities	Noncurrent operating lease liabilities
Total lease liabilities	$ 192,805	$ 205,228	$ 223,537

Leases - Lease cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases - Lease cost (Details) - USD ($) $ in Millions	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Selling, general and administrative expenses
Lease, Cost [Abstract]
Lease costs	$ 14.0	$ 18.7	$ 41.1	$ 77.1

Leases - Future minimum payments under our operating lease (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Jan. 31, 2021	Oct. 31, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022	$ 14,735
2023	57,185
2024	43,292
2025	35,903
2026	28,428
After 2026	60,958
Total lease payments	240,501
Less: Interest	47,696
Present value of lease liabilities	$ 192,805	$ 205,228	$ 223,537

Leases - Other information (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Leases [Abstract]
Operating lease, lease not yet commenced, description	As of October 31, 2021, there are no material leases that are legally binding but have not yet commenced.
Weighted average remaining lease term	5 years 3 months 18 days
Weighted average discount rate	8.40%
Cash paid for amounts included in the measurement of operating lease liabilities	$ 44.5	$ 79.7
Right-of-use assets obtained in exchange for lease obligations	$ 24.6	$ 41.3

Net Income per Common Share - Reconciliation between basic and diluted net income per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Net Income (Loss) per Common Share
Net income attributable to G-III Apparel Group, Ltd.	$ 106,674	$ 63,174	$ 152,163	$ 8,903
Basic net income (loss) per share:
Basic common shares	48,567	48,359	48,474	48,201
Basic net income (loss) per share (in dollars per share)	$ 2.20	$ 1.31	$ 3.14	$ 0.18
Diluted net income (loss) per share:
Basic common shares	48,567	48,359	48,474	48,201
Diluted restricted stock awards and stock options	891	450	1,025	388
Diluted common shares	49,458	48,809	49,499	48,589
Diluted net income (loss) per share (in dollars per share)	$ 2.16	$ 1.29	$ 3.07	$ 0.18

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Net Income per Common Share - Textuals (Details) - shares	3 Months Ended		9 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Net Income (Loss) per Common Share
Common stock excluded from the diluted net income per share calculation	68,800	262,100	18,300	215,600

NOTES PAYABLE AND OTHER LIABILITIES - Long-term debt (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Jan. 31, 2021	Oct. 31, 2020
Debt Instrument [Line Items]
Total	$ 513,466	$ 507,950	$ 504,328
Long-term Debt
Debt Instrument [Line Items]
Subtotal	536,285	537,126	535,117
Less: Net debt issuance costs	(6,369)	(7,643)	(8,067)
Debt discount	(12,387)	(17,131)	(18,639)
Current portion of long-term debt	(4,063)	(4,402)	(4,083)
Secured notes
Debt Instrument [Line Items]
Debt issuance costs	8,500
Secured notes \| Long-term Debt
Debt Instrument [Line Items]
Subtotal	400,000	400,000	400,000
Revolving credit facility
Debt Instrument [Line Items]
Debt issuance costs	6,000	7,200	7,300
LVMH Note
Debt Instrument [Line Items]
Debt discount	(40,000)
LVMH Note \| Long-term Debt
Debt Instrument [Line Items]
Subtotal	125,000	125,000	125,000
Unsecured Loan \| Long-term Debt
Debt Instrument [Line Items]
Subtotal	8,444	9,119	7,232
Overdraft facilities \| Long-term Debt
Debt Instrument [Line Items]
Subtotal	$ 2,841	$ 3,007	$ 2,885

NOTES PAYABLE AND OTHER LIABILITIES - Textuals (Details) $ in Thousands, € in Millions, SFr in Millions	1 Months Ended	9 Months Ended	15 Months Ended
	Aug. 31, 2020 USD ($)	Oct. 31, 2021 EUR (€)	Oct. 31, 2021 USD ($)	Oct. 31, 2021 CHF (SFr)	Oct. 31, 2021 EUR (€)	Jan. 31, 2021 USD ($)	Oct. 31, 2020 USD ($)	Aug. 07, 2020 USD ($)
Term Loan [Member]
Debt Instrument [Line Items]
Prepayment of principal amount	$ 300,000
Debt issuance costs							$ 6,100
Long-term Debt
Debt Instrument [Line Items]
Debt instruments, carrying value			$ 536,285			$ 537,126	535,117
Debt discount			12,387			17,131	18,639
Secured notes
Debt Instrument [Line Items]
Interest rate terms		The Notes bear interest at a rate of 7.875% per year payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2021.
Debt issuance costs			$ 8,500
Debt instrument interest rate			7.875%	7.875%	7.875%			7.875%
Frequency of periodic payment		semi-annually
Date of first payment		Feb. 15, 2021
Principal amount of debt								$ 400,000
Secured notes \| Prior to August 15, 2022 [Member]
Debt Instrument [Line Items]
Redemption percentage			100.00%
Maximum percentage of aggregate principal amount of Notes which may be redeemed with equity offerings			40.00%	40.00%	40.00%
Secured notes \| Any twelve month period prior to August 15, 2022 [Member]
Debt Instrument [Line Items]
Redemption percentage			103.00%
Maximum percentage of aggregate principal amount of notes which may be redeemed in a 12 month period			10.00%
Secured notes \| If Company experiences a Change of Control [Member]
Debt Instrument [Line Items]
Redemption percentage			101.00%
Secured notes \| Long-term Debt
Debt Instrument [Line Items]
Debt instruments, carrying value			$ 400,000			400,000	400,000
Revolving credit facility
Debt Instrument [Line Items]
Debt issuance costs			$ 6,000			7,200	7,300
LVMH Note
Debt Instrument [Line Items]
Debt instrument interest rate			2.00%	2.00%	2.00%
Principal amount of debt			$ 125,000
Debt discount			40,000
LVMH Note \| Notes Payable Due On June 1 2023
Debt Instrument [Line Items]
Principal amount of debt			75,000
Maturity date		Jun. 01, 2023
LVMH Note \| Notes Payable due on December 1, 2023
Debt Instrument [Line Items]
Principal amount of debt			50,000
Maturity date		Dec. 01, 2023
LVMH Note \| Long-term Debt
Debt Instrument [Line Items]
Debt instruments, carrying value			125,000			125,000	125,000
Unsecured Loan \| T.R.B. International SA
Debt Instrument [Line Items]
Unused debt amount \| €					€ 7.3
Installment payments \| €		€ 0.2
Unsecured Loan \| Long-term Debt
Debt Instrument [Line Items]
Debt instruments, carrying value			$ 8,444			$ 9,119	$ 7,232
Overdraft facility
Debt Instrument [Line Items]
Principal amount of debt				SFr 4.7	€ 5.0
Fixed rate			1.75%	1.75%	1.75%
Debt facility amount \| €					€ 2.5
Minimum \| Unsecured Loan \| T.R.B. International SA
Debt Instrument [Line Items]
Debt instrument interest rate			0.00%	0.00%	0.00%
Minimum \| Overdraft facility
Debt Instrument [Line Items]
Variable interest rate			0.00%	0.00%	0.00%
Maximum \| Unsecured Loan \| T.R.B. International SA
Debt Instrument [Line Items]
Debt instrument interest rate			2.00%	2.00%	2.00%
Maximum \| Overdraft facility
Debt Instrument [Line Items]
Variable interest rate			0.50%	0.50%	0.50%

NOTES PAYABLE AND OTHER LIABILITIES - Term loan and Senior secured credit facility (Details) - USD ($) $ in Thousands			3 Months Ended	9 Months Ended
	Aug. 07, 2020	Aug. 06, 2020	Oct. 31, 2019	Oct. 31, 2021	Jan. 31, 2021	Oct. 31, 2020
Debt Instrument [Line Items]
Outstanding amount				$ 513,466	$ 507,950	$ 504,328
Unamortized debt issuance costs		$ 3,300
Interest expense		$ 400
Second amended and restated credit agreement \| Maximum
Debt Instrument [Line Items]
Debt instrument commitment fee percentage			0.50%
Second amended and restated credit agreement \| Minimum
Debt Instrument [Line Items]
Debt instrument commitment fee percentage			0.35%
Senior secured credit facility
Debt Instrument [Line Items]
Debt issuance costs	$ 8,000
Senior secured credit facility \| One-month LIBOR
Debt Instrument [Line Items]
Spread interest rate	1.00%
Senior secured credit facility \| Federal funds rate
Debt Instrument [Line Items]
Spread interest rate	0.50%
Senior secured credit facility \| Second amended and restated credit agreement
Debt Instrument [Line Items]
Outstanding amount				$ 0
Debt issuance costs	$ 5,100
Term of credit agreement	5 years
Senior secured credit facility	$ 650,000
Fixed charge coverage ratio				1.00%
Credit covenant compliance				As of October 31, 2021, the Company was in compliance with these covenants.
Senior secured credit facility \| Second amended and restated credit agreement \| Base rate \| Maximum
Debt Instrument [Line Items]
Spread interest rate	1.25%
Senior secured credit facility \| Second amended and restated credit agreement \| Base rate \| Minimum
Debt Instrument [Line Items]
Spread interest rate	0.75%
Senior secured credit facility \| Second amended and restated credit agreement \| LIBOR \| Maximum
Debt Instrument [Line Items]
Spread interest rate	2.25%
Senior secured credit facility \| Second amended and restated credit agreement \| LIBOR \| Minimum
Debt Instrument [Line Items]
Spread interest rate	1.75%
Trade Letters of Credit
Debt Instrument [Line Items]
Outstanding amount				$ 13,100
Standby Letters of Credit
Debt Instrument [Line Items]
Outstanding amount				$ 4,000
Term Loan \| Senior secured credit facility \| Second amended and restated credit agreement
Debt Instrument [Line Items]
Senior secured credit facility	$ 650,000

Revenue Recognition - Textuals (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Oct. 31, 2021	Oct. 31, 2021	Jan. 31, 2021	Oct. 31, 2020
Revenue Recognition [Abstract]
Contract liability	$ 3,800	$ 3,800	$ 5,900	$ 4,100
Revenue recognized related to contract liabilities	3,200	4,400
Contract assets	$ 0	$ 0	$ 0	$ 0

Segments - Information regarding reportable segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Segment Reporting Information [Line Items]
Net sales	$ 1,015,392	$ 826,561	$ 2,018,383	$ 1,528,904
Cost of goods sold	667,882	528,806	1,282,526	972,055
Gross profit	347,510	297,755	735,857	556,849
Selling, general and administrative expenses	182,360	177,625	470,803	454,347
Depreciation and amortization	7,024	10,187	21,166	29,745
Asset impairments, net of gain on lease modifications		(117)		17,372
Operating profit (loss)	158,126	110,060	243,888	55,385
Operating Segments \| Wholesale
Segment Reporting Information [Line Items]
Net sales	1,013,440	783,030	1,991,967	1,428,711
Cost of goods sold	678,959	504,919	1,293,086	914,900
Gross profit	334,481	278,111	698,881	513,811
Selling, general and administrative expenses	162,357	134,050	416,982	323,377
Depreciation and amortization	6,089	8,472	18,388	25,155
Asset impairments, net of gain on lease modifications		(102)		505
Operating profit (loss)	166,035	135,691	263,511	164,774
Operating Segments \| Retail [Member]
Segment Reporting Information [Line Items]
Net sales	26,164	57,982	72,869	126,397
Cost of goods sold	13,135	38,338	35,893	83,359
Gross profit	13,029	19,644	36,976	43,038
Selling, general and administrative expenses	20,003	43,575	53,821	130,970
Depreciation and amortization	935	1,715	2,778	4,590
Asset impairments, net of gain on lease modifications		(15)		16,867
Operating profit (loss)	(7,909)	(25,631)	(19,623)	(109,389)
Elimination
Segment Reporting Information [Line Items]
Net sales	(24,212)	(14,451)	(46,453)	(26,204)
Cost of goods sold	$ (24,212)	$ (14,451)	$ (46,453)	$ (26,204)

Segments - Textuals (Details)	9 Months Ended
Segments - Textuals (Details)	Oct. 31, 2021 segment
Segments [Abstract]
Number of reportable segments	2

Stockholders' Equity - Textuals (Details) - shares	3 Months Ended		9 Months Ended
Stockholders' Equity - Textuals (Details) - shares	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Stockholders' Equity [Abstract]
Common stock, shares issued	0	0	0	0
Treasury stock, shares utilized of equity awards	2,366		191,837	349,342

Income Taxes - Textuals (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes - Textuals (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ 40,198	$ 28,430	$ 59,692	$ 8,357

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Canadian Customs Duty Examination - Textuals (Details) $ in Millions, $ in Millions	1 Months Ended		3 Months Ended	9 Months Ended		34 Months Ended
	Mar. 31, 2018 USD ($)	Mar. 31, 2018 CAD ($)	Oct. 31, 2021 USD ($)	Oct. 31, 2021 USD ($)	Oct. 31, 2021 CAD ($)	Nov. 25, 2020 USD ($)	Nov. 25, 2020 CAD ($)
Canadian Customs Duty Examination [Line Items]
Interest expense						$ 0.8	$ 1.0
CBSA
Canadian Customs Duty Examination [Line Items]
Value of bond issued for prepayments of additional duties	$ 20.9	$ 26.9
Taxes paid and deferred for higher dutiable values			$ 0.0	$ 0.0
Deferred higher dutiable value				$ 11.6	$ 14.4