{"id":229058,"date":"2023-03-17T09:00:35","date_gmt":"2023-03-17T09:00:35","guid":{"rendered":"https:\/\/www.theindustry.fashion\/?p=229058"},"modified":"2023-03-17T16:58:16","modified_gmt":"2023-03-17T16:58:16","slug":"karl-lagerfeld-owner-g-iii-apparel-sees-losses-in-fy23-due-to-challenging-environment","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/karl-lagerfeld-owner-g-iii-apparel-sees-losses-in-fy23-due-to-challenging-environment\/","title":{"rendered":"Karl Lagerfeld owner G-III sees FY23 sales surge despite losses"},"content":{"rendered":"<p><strong><a href=\"https:\/\/www.theindustry.fashion\/the_directory\/g-iii-apparel\/\"><span style=\"color: #ff0000;\">G-III Apparel Group<\/span><\/a>, owners of DKNY and <span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/www.theindustry.fashion\/the_directory\/karl-lagerfeld\/\">Karl Lagerfeld<\/a><\/span>, remains \"confident and optimistic\" despite a reported net loss of \u00a327.3 million ($33.1 million) in FY 2023.<\/strong><!--more--><\/p>\n<p>G-III also holds a number of fashion licenses for well known brands including the Calvin Klein, Tommy Hilfiger, Kenneth Cole, Guess?, Kensie, Jessica Simpson, Levi's and Dockers.<\/p>\n<p>With expertise in design, sourcing, and manufacturing, the global fashion leader reported net sales for the fiscal year ending 31 January 2023 increased 16.6% to \u00a32.66 billion ($3.23 billion), rising from \u00a32.28 billion ($2.77 billion) in the prior year.<\/p>\n<p>The company reported a net loss for the fiscal year of \u00a3109.7 million ($133.1 million), compared to net income of \u00a3165.4 million ($200.6 million) the prior year.<\/p>\n<p>Net sales for the fourth quarter increased 14.2% to \u00a3704.3 million ($854.4 million) from \u00a3616.8 million ($748.2 million) the year prior. G-III reported a net loss for the fourth quarter of \u00a3215.2 million ($261.1 million), compared to net income of \u00a339.9 million ($48.4 million) the year prior.<\/p>\n<p>Morris Goldfarb, G-III\u2019s Chairman and Chief Executive Officer, commented: \"In fiscal year 2023, we made significant progress on our strategic priorities as we leveraged G-III\u2019s expertise and agility to capture a number of opportunities, despite a challenging environment.<\/p>\n<p>\"We successfully shifted our category focus based on market demand and expanded our brand ownership and global reach with our Karl Lagerfeld acquisition.\"<\/p>\n<p>The company also issued guidance for the fiscal year 2024. It anticipates net sales of approximately \u00a32.66 billion ($3.23 billion) and net income between \u00a396.4 million ($117 million) and \u00a3100.5 million ($122 million).<\/p>\n<p>In addition, the company plans to expand DKNY, which it acquired in 2016, and Nautica, which it acquired in 2018.<\/p>\n<p>Mr. Goldfarb added: \"We have been directing resources toward several new opportunities and are pleased to announce two new initiatives: the re-positioning and expansion of the Donna Karan brand and a new long-term license with Authentic Brands Group for Nautica. Donna Karan and Nautica are two of the most recognised American lifestyle brands with significant opportunity in the women\u2019s space.<\/p>\n<p>\"Our track record of having successfully grown major brands to more than $3 billion in net sales today, gives us confidence in our ability to unlock the potential of both Donna Karan and Nautica.\"<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":114,"featured_media":229085,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[9763,10585,6,10494],"tags":[18803,10643,10644,23149,12870,9946,12871,9746],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Karl Lagerfeld owner G-III sees FY23 sales surge despite losses - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"G-III Apparel Group, owners of DKNY and Karl Lagerfeld, remains &quot;confident and optimistic&quot; 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