US-based clothing company G-III Apparel Group has reached an agreement to acquire European luxury fashion brand Sonia Rykiel.
Following the acquisition, G-III plans to relaunch the brand with collections across multiple categories, focusing mainly on the European market for the end of next year.
The company said that the deal is expected to close by the end of October.
The financial terms of the transaction have not been disclosed.
G-III chairman and CEO Morris Goldfarb said: “We are extremely pleased to purchase the Sonia Rykiel brand, which further enables us to expand into the luxury space.
“We believe there is significant opportunity to unlock the untapped potential of this brand as we look to accelerate our global reach.”
G-III will keep Sonia Rykiel’s existing executive management team and use its Europe-based infrastructure, as well as its supply chain knowledge, to expand the business across multiple categories.
Sonia Rykiel current owners Eric and Michael Dayan said: “We are thrilled to have found G-III, a true apparel and accessory powerhouse with a strong portfolio of globally recognized brands, as the new owners and stewards of the Sonia Rykiel brand.
“With G-III’s dominance in a diversified range of lifestyle categories, along with its well-established and broad range of retail partners, we see a bright future for the growth of the brand.
“We have confidence and peace of mind that G-III will elevate the iconic Sonia Rykiel brand to its global potential.”
G-III specialises in designing, sourcing and marketing apparel and accessories under owned, licensed and private label brands.
Earlier this month, the brand reported that its net sales for the second quarter of 2022 rose by 62.5% to $483.1m compared to $297.2m a year earlier.