G-III To Buy Donna Karan International From LVMH For $650 Million

LVMH Moet Hennessy Louis Vuitton SE announced Monday that it will sell Donna Karan International Inc. to G-III Apparel Group Ltd. in a $650 million deal. LVMH, the French multinational luxury goods conglomerate, owns Donna Karan International, which is the parent of Donna Karan and DKNY brands. The deal is expected to close in late 2016 or early 2017. G-III said it doesn't have plans to update its financial guidance to reflect the acquisition until the deal has closed. G-III, a designer and manufacturer of apparel and outwear in the United States, plans to partly fund the deal by issuing $75 million in common stock to LVMH and a $75 million, six-and-a-half-year seller note.