It has been revealed that Donna Karan, part of luxury group LVMH has been sold to US-based G-III Apparel Group for $650 million, with the transaction looking to close late this year or early next year.

Group managing director of LVMH, Toni Belloni, said: “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.

“We are pleased to have reached an agreement with G-III, a company that has the expertise and capabilities to broaden the brand’s distribution and take it to its next level of success.”
The deal comes after Donna Karan, founder and chief designer stepped down last year to dedicate more of her time to her Urban Zen company and foundation.