G-III Apparel Group has agreed to acquire American fashion company Donna Karan International from LVMH Moët Hennessy Louis Vuitton for $650m.

Founded in 1984, Donna Karan operates more than 200 company-owned and licensed free standing Donna Karan Collection, DKNY, and DKNY Jeans stores worldwide, including China, Canada, Dubai and Denmark.

Donna Karan's fashion products will be an addition to G-III's current portfolio of apparel and accessories that are sold under licensed brands, owned brands and private label brands.

“Donna Karan brings increased scale and diversification, while providing incremental growth on top of our portfolio of some of the best fashion brands in the world."

G-III’s owned brands include Vilebrequin, Andrew Marc, Marc New York, Bass, G.H. Bass, Weejuns, G-III Sports by Carl Banks, Eliza J, Black Rivet and Jessica Howard.

G-III president and CEO Morris Goldfarb said: “Donna Karan International is an iconic global fashion company. Its lifestyle aesthetic resonates well with consumers throughout the world.

“Donna Karan brings increased scale and diversification, while providing incremental growth on top of our portfolio of some of the best fashion brands in the world. We believe we are well-positioned to create and sustain additional value for our shareholders, partners, and customers.”

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The acquisition will be funded through new indebtedness, $75m of newly issued G-III common stock to LVMH, and a $75m 6.5-year seller note.

Subject to customary adjustments at closing, the acquisition is expected to be completed by early next year.

French conglomerate LVMH owns fashion and leather goods brands such as Louis Vuitton, Céline, Loewe, Kenzo, Givenchy, Thomas Pink, Fendi, Emilio Pucci, Marc Jacobs, Berluti, Nicholas Kirkwood and Loro Piana.