French multinational luxury goods conglomerate LVMH has reportedly confirmed the sale of Donna Karan International (DKI), owner of the designer brand DKNY, to US-based G-III Apparel Group for $650 million.
“We believe the DKNY brand has a dynamic position in the market, and when G-III approached us about acquiring the brand, we concluded that the time was right and that G-III was the right steward going forward,” says LVMH group managing director Toni Belloni.
Post the acquisition, DKNY CEO Caroline Brown and creative directors Maxwell Osborne and Dao-Yi Chow will continue with the brand.
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