Think of G-III Apparel as similar to a **VF Corporation** (The North Face, Vans) or **PVH Corp.** (Tommy Hilfiger, Calvin Klein), but focused on fashion apparel, managing a broad portfolio of both licensed and owned brands.

It's like a **Ralph Lauren** or **Michael Kors** that, in addition to its own labels, also licenses and produces clothing for many other well-known apparel brands.

• Outerwear: G-III produces a wide range of coats and jackets for men and women under various brands.
• Dresses: The company offers diverse styles of dresses for women, from casual to formal.
• Sportswear: This category includes everyday apparel such as tops, bottoms, and sweaters for both men and women.
• Swimwear & Activewear: G-III manufactures apparel designed for beach activities and athletic performance.
• Handbags & Accessories: Their product line extends to include a collection of handbags, luggage, and other fashion accessories.
• Footwear: The company also produces a variety of shoes, boots, and sandals for men and women.

G-III Apparel (GIII) primarily sells to other companies (B2B) through its wholesale segment, supplying a wide range of apparel and accessories to various retailers.

Its major customers, as disclosed in its recent annual filings (Form 10-K), include:

• Macy's, Inc. (Symbol: M)
• TJX Companies, Inc. (Symbol: TJX)
• Kohl's Corporation (Symbol: KSS)

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Morris Goldfarb, Chairman and Chief Executive Officer

Morris Goldfarb joined G-III in 1972, a company founded by his father, Aron Goldfarb, in 1956. He has served as an Executive Officer of G-III and its predecessors since the company's reorganization in 1974 and became CEO in 1998. Mr. Goldfarb was instrumental in transforming G-III from a small leather jacket maker into a significant apparel industry player, notably by pivoting to licensing and brand building in 1995 and leading key acquisitions like Marvin Richards and Winlit in 2005. He also co-founded Rainforest Cafe and has served on the boards of other companies, including Oppenheimer Holdings Inc. and RLJ Entertainment, Inc.

Neal Nackman, Chief Financial Officer

Neal Nackman joined G-III Apparel Group in 2003. As Chief Financial Officer, he oversees all financial functions, including accounting, audit, investor relations, and treasury, and also acts as Principal Accounting Officer. He has been responsible for scaling the company's financial organization and successfully integrating the financial operations of its acquisitions. Before joining G-III, Mr. Nackman held senior finance positions at several apparel companies, including Nautica Enterprises and Perry Ellis.

Sammy Aaron, Vice Chairman and President

Sammy Aaron became part of G-III in 2005, when the company acquired Marvin Richards, where he had served as President since 1998. In his role as Vice Chairman and President, he oversees the company's merchandising operations, encompassing design, production, sales, merchandising, and planning. Mr. Aaron is responsible for many of G-III's prominent brands, including DKNY, Karl Lagerfeld Paris, Calvin Klein, and Tommy Hilfiger.

Jeffrey Goldfarb, Executive Vice President

Jeffrey Goldfarb joined G-III in 2002 and represents the third generation of his family's leadership within the company. As Executive Vice President, he guides the strategic growth of G-III and has managed a broad array of corporate functions and divisions. He has been instrumental in significant acquisitions such as Vilebrequin, G.H. Bass, Karl Lagerfeld US marks, and Donna Karan, and has played a key role in securing licenses for brands including Calvin Klein, Tommy Hilfiger, and the NFL. Mr. Goldfarb has served as a Director since 2009.

Dana Perlman, Chief Growth and Operations Officer

Dana Perlman joined G-III Apparel Group in January 2024 as Chief Growth and Operations Officer. In this role, she is responsible for Strategy, Finance, Communications, IT, and other operating functions. Prior to her tenure at G-III, Ms. Perlman spent over a decade at PVH Corp. as Chief Strategy Officer and held senior positions at Barclays Capital, Lehman Brothers, and Credit Suisse First Boston. She also serves as a Director of O'Reilly Automotive Inc.

1. Dependence on Key Licensed Products and Expiration of Licensing Agreements: A substantial portion of G-III Apparel's revenue is derived from its licensed brands, particularly Calvin Klein and Tommy Hilfiger. The staggered expiration of these significant licensing agreements, especially those with PVH Corp., presents a material adverse risk to the company's net sales and overall operations if not effectively managed or replaced with equivalent revenue streams. For instance, the company projects a $400 million PVH revenue headwind by fiscal year 2027.
2. Global Trade Uncertainties and Tariffs: G-III Apparel is exposed to global trade uncertainties, including tariffs and trade restrictions. A significant portion of its products are sourced from countries such as China, Vietnam, and Indonesia. Changes in trade policies can lead to increased costs, supply chain disruptions, and pressure on profit margins. For example, gross margins were negatively impacted by 120 basis points due to unmitigated tariffs, with further pressure expected in the near term.
3. Changing Consumer Preferences and Intense Competition: The apparel industry is highly dynamic, characterized by rapidly evolving consumer demand, tastes, and preferences. G-III Apparel must continuously innovate and adapt to these changes to maintain its competitive edge. Failure to do so in this intensely competitive market could result in lost market share and pressure on profit margins.

The rapid growth and increasing market share of ultra-fast fashion retailers. Companies like Shein and Temu leverage highly agile, data-driven supply chains to produce a vast array of trend-driven apparel at extremely low price points, with remarkably short lead times. This model puts significant competitive pressure on G-III Apparel's traditional design, manufacturing, and distribution cycles, impacting both its owned brands and licensed brands, and threatening its wholesale channels by shifting consumer spending habits towards these new, highly responsive, and cost-effective alternatives.

G-III Apparel Group, Ltd. (GIII) designs, manufactures, and markets a diverse range of apparel and accessories, including outerwear, dresses, sportswear, swimwear, women's suits, performance wear, luggage, handbags, small leather goods, cold weather accessories, and footwear.

Addressable Market Sizes:

• Women's Apparel:
  • The U.S. women's apparel market was valued at approximately USD 291.6 billion in 2023. It is projected to grow to an estimated USD 390.49 billion by 2032.
  • Globally, the women's apparel market was valued at USD 863 billion in 2023 and is estimated to reach USD 1,372.7 billion by 2033.
• Outerwear/Jackets:
  • The U.S. jackets market is projected to reach USD 35 billion in 2024.
  • The global outdoor apparel and accessories market, which includes outerwear, was valued at USD 37.1 billion in 2024 and is expected to grow to USD 71.5 billion by 2034.
• Handbags:
  • The U.S. luxury handbag market was estimated at USD 11.48 billion in 2024 and is projected to reach USD 11.99 billion in 2025.
  • The broader United States handbag market was valued at more than USD 12 billion in 2023.
  • The North America handbag market was valued at USD 13.78 billion in 2024 and is projected to grow to USD 27.96 billion by 2032.
• Footwear:

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• Licensed Sports Apparel:

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1. Growth of Key Owned Brands: The company anticipates continued double-digit sales increases from its core owned brands, including DKNY, Donna Karan, Karl Lagerfeld, and Vilebrequin. This growth is a central part of G-III Apparel's strategy to counteract the anticipated reduction in sales from expiring licensed businesses.
2. Strategic Emphasis on Higher-Margin Owned Brands: G-III Apparel is strategically prioritizing its owned brands, which are noted for generating higher operating margins and contributing an accretive licensing income stream. This focus is expected to be a significant driver of long-term profitability and revenue expansion.
3. Expansion into New Markets and Global Reach: A key strategic priority for G-III Apparel is broadening its global presence and penetrating new markets, aiming to unlock additional avenues for revenue growth.
4. Introduction of New Brands and Product Offerings: The company has demonstrated a commitment to introducing new brands to the market and is focused on successful product launches, which is expected to fuel increased demand for its owned brands.
5. Selective Price Adjustments: G-III Apparel is considering implementing selective price increases as a method to help offset the impact of tariffs, thereby contributing to its overall revenue.

Share Repurchases

• G-III Apparel's Board of Directors authorized a share repurchase program, which was increased to 10 million shares in March 2022 and reiterated in May 2023.
• The company repurchased approximately $27 million of stock in fiscal year 2025 (ended January 31, 2025).
• In the second quarter of fiscal 2026 (ended July 31, 2025), G-III Apparel repurchased $24.6 million or 1,140,988 shares.

Share Issuance

• No significant dollar amount of new share issuances by G-III Apparel has been reported in the last 3-5 years; the focus has primarily been on share repurchases, with outstanding shares decreasing over time.

Outbound Investments

• G-III Apparel purchased the European luxury fashion brand Sonia Rykiel in fiscal year 2022.
• In 2022, G-III Apparel acquired the remaining stake in Karl Lagerfeld.

Capital Expenditures

• Expected capital expenditures for fiscal year 2025 are approximately $50 million.
• These expenditures are primarily focused on the build-outs of shop-in-shops for new brand launches and investments in new technology to support the business.
• Cash outflow from investing activities, which includes capital expenditures, was -$31.8 million in fiscal year 2024, an increase from -$15.1 million in fiscal year 2023.