The G-III CEO said he has plenty of opportunity even as the Tommy Hilfiger and Calvin Klein licenses are set to revert back to PVH.
Luckily for G-III, Goldfarb has been expanding in other areas and this year consolidated control of the Karl Lagerfeld brand, giving it a promising European luxe base alongside Vilebrequin, acquired in 2012, and Sonia Rykiel, acquired in 2021. “We’re at the early stage of all our assets,” Goldfarb said. “There’s plenty of organic growth, there’s plenty of opportunities to supplement them.”
He said there was a “compelling case” that G-III could make more money than it planned by focusing on other businesses. “We enjoyed our relationship with PVH, it was certainly prosperous,” Goldfarb said. “We’re committed to a smooth transition for both companies, the relationships are in place, the intent is to evolve the business as times goes on into the hands of PVH, if they still want it when the term is done.
“There’s nothing pressing,” Goldfarb said. “We’re financially sound, we’ve got a little work to do operationally that doesn’t relate to this. Our greater disappointment is how we managed the quarter in terms of inventory receipts and processing the inventory through our facilities.” For the third quarter, G-III’s net income fell to $61.1 million from $106.7 million a year earlier. Adjusted earnings per share came in at $1.35 — 46 cents below the $1.81 analysts projected.
Inventories at the end of the quarter rose to $901 million from $449 million. Goldfarb in the statement said: “Our higher inventory levels are due to our accelerated production calendar, which was in anticipation of longer supply chain lead times. Our inventory is comprised of current purchases and guided by our order book. During the quarter, the higher inventory levels caused logistical challenges within our distribution centers.
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