olivLaw · US equity research
G-III Apparel Group, Ltd. GIII
Apparel & Other Finishd Prods of Fabrics & Similar Matl · SIC 2300 · Vertical: Apparel & Other Finishd Prods of Fabrics & Similar Matl (SIC 2300)
G-III Apparel Group is a US fashion group that designs, sources, distributes and markets a portfolio of more than 30 owned and licensed brands. It is in a transition: the staggered expiry of the Calvin Klein and Tommy Hilfiger licenses will reduce sales, while the Marc Jacobs acquisition opens a new stage, with net sales of 2.96 billion USD in fiscal 2026 and an expected 2.71 billion USD in fiscal 2027.
At the close of 04 Nov 2026, G-III Apparel Group, Ltd. (GIII) stock was 33.14 USD (+5.74% on the day), with market capitalisation 1.4 bn USD, P/E 10.8 on diluted EPS of 3.08 USD over the last 12 months, dividend yield 0.30%, beta 0.87, 52-week range 25.74–36.81 USD. Latest reported quarter (Q2 2027): revenue of 554.1 m USD (−9.6% YoY), net income of 20.2 m USD (+84.8% YoY), diluted EPS 0.46 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 79.1
- overbought (≥ 70)
- Bollinger (20, 2)
- 25.92 – 32.38
- above the upper band · %B 1.12 · band width 22.2%
- SMA 50 / 200
- 28.71 / 30.88
- mixed trend
- MACD (12, 26, 9)
- 0.89 / 0.43
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +22.8% | −1.1% | +23.9 pp | — |
| 3 months | −9.1% | −0.5% | −8.7 pp | — |
| 6 months | +3.7% | +4.4% | −0.7 pp | — |
| Year to date | +14.4% | +12.3% | +2.1 pp | — |
| 1 year | +23.1% | +13.5% | +9.6 pp | +6.7% |
| 3 years | +21.9% | +76.4% | −54.5 pp | +4.5% |
| 5 years | +4.6% | +63.7% | −59.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 31 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 839.5 m | 583.6 m | 613.3 m | 988.6 m | 771.5 m | 536.0 m | 554.1 m |
| Cost of revenue | 654.6 m | 507.9 m | 337.1 m | 362.8 m | 607.1 m | 486.0 m | 188.2 m | 303.7 m |
| Gross profit | 432.1 m | 331.6 m | 246.5 m | 250.5 m | 381.5 m | 285.5 m | 347.7 m | 250.4 m |
| SG&A | 259.2 m | 244.9 m | 231.5 m | 226.8 m | 260.4 m | 259.7 m | 255.3 m | 231.4 m |
| Operating income | 166.3 m | 71.8 m | 8.5 m | 16.3 m | 112.3 m | -29.1 m | 85.2 m | 10.8 m |
| Depreciation & amortisation | 6.6 m | 6.7 m | 6.6 m | 7.3 m | 7.2 m | 7.9 m | 7.2 m | 8.2 m |
| Pre-tax income | 160.9 m | 67.4 m | 11.5 m | 15.9 m | 113.5 m | -30.2 m | 85.6 m | 14.1 m |
| Income tax | 46.2 m | 18.7 m | 3.7 m | 5.0 m | 32.9 m | 1.7 m | 19.1 m | -6.1 m |
| Net income | 114.8 m | 48.8 m | 7.8 m | 10.9 m | 80.6 m | -31.9 m | 66.5 m | 20.2 m |
| Diluted EPS | 2.55 | 1.03 ≈ | 0.17 | 0.25 | 1.84 | -0.72 ≈ | 1.50 | 0.46 |
| Operating cash flow | -111.8 m ≈ | 333.4 m | 93.8 m | 75.1 m ≈ | -97.3 m ≈ | 227.6 m | -2.0 m | 180.7 m ≈ |
| Capex | 8.5 m ≈ | 9.8 m | 8.1 m | 10.3 m ≈ | 9.1 m ≈ | 7.7 m | 8.5 m | 9.1 m ≈ |
| Dividends paid | — | — | — | — | — | — | 4.2 m | 4.3 m ≈ |
| Share repurchases | 0 ≈ | 0 | 19.7 m | 24.6 m ≈ | 5.4 m ≈ | 0 | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 36-quarter history (min 4.9, median 10.5, max 58.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.1 bn | 3.2 bn | 2.1 bn | 2.8 bn | 3.2 bn | 3.1 bn | 3.2 bn | 3.0 bn |
| Revenue YoY | +9.6% | +2.7% | −35.0% | +34.6% | +16.6% | −4.0% | +2.7% | −7.0% |
| Net income | 138.1 m | 143.8 m | 23.5 m | 200.6 m | -133.1 m | 176.2 m | 193.6 m | 67.4 m |
| Net income YoY | +122.2% | +4.2% | −83.6% | +752.0% | −166.3% | unavailable | +9.9% | −65.2% |
| Diluted EPS | 2.75 | 2.94 | 0.48 | 4.05 | -2.79 | 3.75 | 4.20 | 1.51 |
| Diluted EPS YoY | +120.0% | +6.9% | −83.7% | +743.8% | −168.9% | unavailable | +12.0% | −64.0% |
| net % | 4.5% | 4.6% | 1.1% | 7.3% | -4.1% | 5.7% | 6.1% | 2.3% |
| Free cash flow | 74.6 m | 171.0 m | 58.7 m | 167.5 m | -126.1 m | 562.9 m | 274.9 m | 263.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Jan 2026
- Cash
- 406.7 m USD
- Financial debt
- 11.7 m USD
- Net debt
- -394.9 m USD
- Equity
- 1.8 bn USD
- Total assets
- 2.6 bn USD
- Debt / equity
- 0.01x
- Current ratio
- 2.69x
- ROE
- 3.9%
- ROA
- 2.6%
- FCF margin
- 8.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.1 bn | 2.8 bn | 3.2 bn | 3.1 bn | 3.2 bn | 3.0 bn | SEC (XBRL)· 24 Mar 2026verified |
| Cost of revenue | 1.3 bn | 1.8 bn | 2.1 bn | 1.9 bn | 1.9 bn | 1.8 bn | SEC (XBRL)· 24 Mar 2026verified |
| Gross profit | 744.4 m | 988.2 m | 1.1 bn | 1.2 bn | 1.3 bn | 1.2 bn | SEC (XBRL)· 24 Mar 2026verified |
| SG&A | 605.1 m | 648.0 m | 833.2 m | 924.2 m | 969.8 m | 978.5 m | SEC (XBRL)· 24 Mar 2026verified |
| Operating income | 82.8 m | 311.1 m | -109.5 m | 283.3 m | 293.1 m | 108.0 m | SEC (XBRL)· 24 Mar 2026verified |
| Depreciation & amortisation | 38.6 m | 27.6 m | 27.8 m | 27.5 m | 27.4 m | 29.0 m | SEC (XBRL)· 24 Mar 2026verified |
| EBITDA | 121.5 m ≈ | 338.7 m ≈ | -81.7 m ≈ | 310.9 m ≈ | 320.5 m ≈ | 137.0 m ≈ | SEC (XBRL)· 24 Mar 2026derived |
| Pre-tax income | 35.7 m | 271.0 m | -138.2 m | 240.6 m | 269.9 m | 110.7 m | SEC (XBRL)· 24 Mar 2026verified |
| Income tax | 12.2 m | 70.9 m | -3.8 m | 65.9 m | 76.6 m | 43.3 m | SEC (XBRL)· 24 Mar 2026verified |
| Net income | 23.5 m | 200.6 m | -133.1 m | 176.2 m | 193.6 m | 67.4 m | SEC (XBRL)· 24 Mar 2026verified |
| Diluted EPS | 0.48 | 4.05 | -2.79 | 3.75 | 4.20 | 1.51 | SEC (XBRL)· 24 Mar 2026verified |
| Weighted average diluted shares | 48.8 m | 49.5 m | 47.7 m | 47.0 m | 46.1 m | 44.5 m | SEC (XBRL)· 24 Mar 2026verified |
| Dividend per share | — | — | — | — | — | 0.10 | SEC (XBRL)· 24 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 351.9 m | 466.0 m | 191.7 m | 507.8 m | 181.4 m | 406.7 m | SEC (XBRL)· 24 Mar 2026verified |
| Receivables | 492.7 m | 605.5 m | 675.0 m | 562.4 m | 624.8 m | 537.0 m | SEC (XBRL)· 24 Mar 2026verified |
| Inventories | 416.5 m | 512.2 m | 709.3 m | 520.4 m | 478.1 m | 460.0 m | SEC (XBRL)· 24 Mar 2026verified |
| Current assets | 1.3 bn | 1.7 bn | 1.7 bn | 1.7 bn | 1.3 bn | 1.5 bn | SEC (XBRL)· 24 Mar 2026verified |
| Property, plant & equipment, net | 57.1 m | 48.8 m | 53.7 m | 55.1 m | 69.3 m | 78.0 m | SEC (XBRL)· 24 Mar 2026verified |
| Goodwill | 263.1 m | 262.5 m | 0 | 0 | 0 | — | SEC (XBRL)· 24 Mar 2025verified |
| Intangibles (excl. goodwill) | 35.1 m | 31.4 m | 34.8 m | 31.7 m | 27.1 m | 25.6 m | SEC (XBRL)· 24 Mar 2026verified |
| Total assets | 2.4 bn | 2.7 bn | 2.7 bn | 2.7 bn | 2.5 bn | 2.6 bn | SEC (XBRL)· 24 Mar 2026verified |
| Accounts payable | 139.2 m | 236.9 m | 169.5 m | 182.5 m | 228.2 m | 264.0 m | SEC (XBRL)· 24 Mar 2026verified |
| Short-term debt | — | — | — | — | — | 7.1 m | SEC (XBRL)· 08 Sept 2026verified |
| Long-term debt | 508.0 m | 515.3 m | 483.8 m | 402.8 m | 3.0 m | 4.6 m | SEC (XBRL)· 08 Jun 2026verified |
| Current liabilities | 402.0 m | 510.8 m | 579.1 m | 493.6 m | 510.5 m | 545.7 m | SEC (XBRL)· 24 Mar 2026verified |
| Total liabilities | 1.1 bn | 1.2 bn | 1.3 bn | 1.1 bn | 803.8 m | 850.5 m | SEC (XBRL)· 24 Mar 2026verified |
| Equity | 1.3 bn † | 1.5 bn † | 1.4 bn † | 1.6 bn † | 1.7 bn † | 1.8 bn † | SEC (XBRL)· 24 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 74.8 m | 185.8 m | -104.6 m | 587.6 m | 316.4 m | 299.1 m | SEC (XBRL)· 24 Mar 2026verified |
| Capex | 16.0 m | 18.3 m | 21.5 m | 24.7 m | 41.5 m | 35.2 m | SEC (XBRL)· 24 Mar 2026verified |
| Free cash flow | 58.7 m ≈ | 167.5 m ≈ | -126.1 m ≈ | 562.9 m ≈ | 274.9 m ≈ | 263.9 m ≈ | SEC (XBRL)· 24 Mar 2026derived |
| Investing cash flow | -20.1 m | -51.5 m | -218.0 m | -28.3 m | -148.2 m | -36.0 m | SEC (XBRL)· 24 Mar 2026verified |
| Financing cash flow | 94.8 m | -23.4 m | 51.6 m | -244.6 m | -485.5 m | -54.3 m | SEC (XBRL)· 24 Mar 2026verified |
| Dividends paid | — | — | — | — | — | 4.2 m | SEC (XBRL)· 24 Mar 2026verified |
| Share repurchases | — | 17.3 m | 26.9 m | 26.1 m | 60.0 m | 49.8 m | SEC (XBRL)· 24 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 64 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation76
- Balance sheet100
- Quality56
- Growth0
- Returns51
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 31.03 – 76.63 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA31.03 – 76.63 (Mid 40.41)6 companies used · median multiple 5.8x · quartiles 3.9x – 13.2xAS, CRI, GIL, JRSH, LEVI, LULU
- Peers: P/E38.37 – 73.28 (Mid 50.03)10 companies used · median multiple 16.2x · quartiles 12.5x – 23.8xAS, BRIA, COLM, CRI, GIL, JRSH, LEVI, LULU, NCI, SGC
- Dividend discount (DDM)outside the aggregate1.31 – 1.77 (Mid 1.51)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 64/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.8% | 36 (vs peers) | 12% |
| Net margin · Quality | 4.8% | 44 (vs peers) | 7% |
| FCF conversion · Quality | 202.8% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | -2.9% | 0 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -2.5x | 100 (vs peers) | 12% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 10.8x | 82 (vs peers) | 12% |
| EV/EBITDA · Valuation | 4.3x | 50 (vs peers) | 12% |
| FCF yield · Valuation | 19.3% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 1.2% | 18 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 1.5% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality56/100 · 3/3 factors with a value
- Returns51/100 · 2/2 factors with a value
- Valuation76/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
G III APPAREL GROUP LTD /DE/ (GIII). Latest full fiscal year: 2026; data up to 2026-07-31.
Figures computed from the financial statements: revenue 3.0 bn USD in 2026; YoY growth -7.0%; net margin 4.8%; ROE 7.7%; net debt/EBITDA -2.5x.
The estimated value range is 34.70–74.95 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 45.22 USD, the price of 33.14 USD leaves a potential of 36.4% (value / price − 1) and a margin of safety of 26.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 64/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 202.8%
- Net debt / EBITDA: -2.5x
- Current ratio: 2.7x
- P/E (TTM): 10.8x
- FCF yield: 19.3%
- Payout ratio (FCF): 1.5%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: -2.9%
- Shareholder yield (distributions): 1.2%
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Interest coverage.
Versus the vertical median
Apparel & Other Finishd Prods of Fabrics & Similar Matl (SIC 2300) · same industry (4-digit SIC) · compared with 16 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASAmer Sports, Inc. | 17.9 bn | 42.2 | 7.9% | 6.5% | +26.7% | −14% / unavailable |
| LULUlululemon athletica inc. | 11.8 bn | 9.2 | 30.9% | 12.8% | +4.9% | −39% / −75% |
| GILGildan Activewear Inc. | 8.0 bn | 16.6 | 15.9% | 11.0% | +10.7% | −22% / +19% |
| COLMColumbia Sportswear Company | 3.6 bn | 18.4 | 12.7% | 6.0% | +0.9% | +32% / −9% |
| GIIIG III Apparel Group Ltd | 1.4 bn | 10.8 | 7.7% | 4.8% | −7.0% | +23% / +22% |
| CRICarter’s, Inc. | 1.2 bn | 5.5 | 22.9% | 7.4% | unavailable | +5% / −51% |
| LEVILevi Strauss & Co | 894.9 m | 15.9 | 25.8% | 8.8% | +4.1% | +8% / +54% |
| SGCSuperior Group Of Companies, Inc. | 224.5 m | 25.6 | 4.3% | 1.4% | +0.1% | +45% / +18% |
| JRSHJerash Holdings (US), Inc. | 73.8 m | 15.3 | 7.6% | 2.8% | +14.0% | +87% / +103% |
| PASWPing An Biomedical Co., Ltd. | 60.1 m | — | -28.4% | -37.6% | unavailable | +541% / unavailable |
| BRIABrilliA Inc | 34.5 m | 11.5 | 21.5% | 4.4% | +15.1% | −23% / unavailable |
| NCINeo-Concept International Group Holdings Limited | 12.8 m | 63.1 | 0.6% | 0.2% | −41.9% | −93% / unavailable |
| LANVLanvin Group Holdings Limited | — | — | -200.4% | -50.3% | −22.9% | −60% / −79% |
| FIGSFIGS, Inc. | 0 | 67.0 | 14.8% | 8.7% | +13.6% | +124% / +202% |
| ZGNErmenegildo Zegna N.V. | — | — | 10.1% | 5.1% | −1.5% | +39% / +30% |
| GOOSCanada Goose Holdings Inc. | — | — | 19.8% | 7.0% | +1.1% | −36% / −20% |
| UAUnder Armour, Inc. | — | — | -29.8% | -10.0% | −3.8% | +26% / −27% |
1- and 3-year price returns: for GIII from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 18.59 Total return -44% · Per year -44% | 32.99 Total return -0% · Per year -0% | 49.87 Total return 51% · Per year 51% |
| 3 years | 15.47 Total return -53% · Per year -22% | 31.13 Total return -5% · Per year -2% | 52.02 Total return 58% · Per year 16% |
| 5 years | 12.87 Total return -60% · Per year -17% | 29.37 Total return -10% · Per year -2% | 54.26 Total return 66% · Per year 11% |
- Exit P/E± 7.78
- Net margin± 5.45
- Annual revenue growth± 4.81
- Annual dilution± 0.46
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
G-III Apparel Group is a US fashion group that designs, sources, distributes and markets a portfolio of more than 30 owned and licensed brands. It is in a transition: the staggered expiry of the Calvin Klein and Tommy Hilfiger licenses will reduce sales, while the Marc Jacobs acquisition opens a new stage, with net sales of 2.96 billion USD in fiscal 2026 2 and an expected 2.71 billion USD in fiscal 2027 3.
SWOT
Strengths
- A broad portfolio of owned and licensed brands, recognized across several categories and price tiers, gives a solid sales base 1.
- A growing share of owned brands has supported higher gross margin in the most recent quarter 3.
- A strong cash position and almost no financial debt provide flexibility for acquisitions and investment 3.
Weaknesses
- Dependence on a small number of large customers means that reduced orders from one of them have a major impact 1.
- The outlet-based retail segment has posted operating losses and depends on mall traffic 1.
- Sourcing concentrated in a few countries exposes the company to tariffs and supply chain disruptions 1.
Opportunities
- Integrating Marc Jacobs and expanding internationally through AWWG could open new markets and revenue sources 3.
- New licenses such as Converse, BCBG and French Connection could add categories and distribution channels 1.
- Digital development and brand websites could improve margins and direct relationships with consumers 1.
Risks
- Expiry and renewal of licenseshigh
Revenue depends materially on licensed products, and losing or failing to renew a license could have a significant adverse effect 1.
- Customer concentrationhigh
A small number of large retailers generate most sales, and reduced orders or financial trouble at one of them could affect results 1.
- Tariffs and sourcingmedium
Dependence on suppliers in a few countries and changing tariffs could raise costs and delay deliveries 1.
- Losses in the retail channelmedium
Outlet stores depend on mall traffic and tourism, and recent losses show that the turnaround is not yet complete 1.
- Integration of acquisitionsmedium
The Marc Jacobs acquisition could prove more costly or harder to integrate than expected, and its license can be terminated under certain conditions 2.
Investment thesis
What would need to be true (bull case)
- Growth in owned brands, better gross margin and the Marc Jacobs acquisition could lead to a more diversified and more profitable revenue base 3.
- A financial position with substantial cash and almost no debt leaves room for investment and for bridging the transition period 3.
- If international expansion through AWWG and the new licenses delivers, the company could gradually offset the expired licenses 1.
What would break the thesis
- The expiry of the Calvin Klein and Tommy Hilfiger licenses could lead to sales declines that are not easy to replace in the coming years 3.
- Dependence on a few large customers and on suppliers in a few countries leaves the company exposed to trade policy changes and retail consolidation 1.
- The Marc Jacobs acquisition is described as dilutive in the first twelve months, which could slow the return to profitability 3.
What to watch
- Third-quarter results and specific guidance after the consolidation of Marc JacobsQ3 2027
- Development of tariffs and any refunds linked to the court rulings on tariffs2027
- Status of renewal or expiry of the Calvin Klein and Tommy Hilfiger licenses and their replacement2027
- Trend in losses of the retail segment and results of the turnaround strategynext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
G-III Apparel Group, Ltd. is a Delaware corporation formed in 1989 that operates in design, sourcing, distribution and marketing of apparel and accessories 1. It runs owned brands such as DKNY, Donna Karan, Karl Lagerfeld and Vilebrequin, and licensed brands including Calvin Klein, Tommy Hilfiger, Levi's and major sports leagues. Products reach consumers through department stores, off-price retailers, digital channels and its own mostly outlet stores in North America.
Revenue depends on two segments: wholesale operations, covering sales to retailers under owned, licensed and private label brands plus royalty income, and retail operations, covering direct sales to consumers through stores and digital sites 1. Owned brands grew to about 57% of net sales in fiscal 2026, from 47% in fiscal 2024, while licensed products fell from 53.4% to 43.0% over the same period 1.
The strategy rests on four pillars: growing owned brands, building a complementary portfolio of licenses, expanding globally and strengthening omni-channel capabilities 1. In fiscal 2025 the company acquired an 18.7% stake in AWWG, a global fashion group, and in the second quarter of fiscal 2027 it completed the Marc Jacobs acquisition, targeting one billion USD of long-term annual revenue 3.
Segments
Wholesale operations
The wholesale segment includes sales of products to retailers under owned, licensed and private label brands, plus royalty revenue from licenses of owned trademarks in categories the company does not produce itself 1. Customers are mainly department stores and off-price chains, and the ten largest customers accounted for about 67.6% of net sales in fiscal 2026 1.
Retail operations
The retail segment covers direct sales through company-operated stores, mainly outlets for DKNY and Karl Lagerfeld Paris, and through brand digital sites 1. The segment reported an operating loss of 5.0 million USD in fiscal 2026, lower than in earlier years, reflecting the turnaround strategy applied by management 1.
Market context
The apparel industry is intensely competitive, with retail chains closing unprofitable stores, shifting focus to digital sales and consolidating their vendor base 1. The United States represented about 77% of net sales in fiscal 2026, with the rest generated abroad 1, so consumer trends in the US and outlet traffic matter greatly for results.
Internationally, expansion through Vilebrequin, Karl Lagerfeld, the AWWG partnership and new licenses could open new markets, especially in Europe 1. However, dependence on suppliers in China, Vietnam and Bangladesh makes tariffs a direct driver of costs and demand 1.
Trends
- Tariffs and trade uncertaintyheadwind
New US tariffs and retaliation by other countries have raised costs for importers and created volatility; the company is offsetting part of it through vendor cost sharing and price increases, while potential refunds after the Supreme Court ruling remain uncertain 1. Updated guidance assumes tariffs stay near current rates for the rest of the year 3.
- Expiry of Calvin Klein and Tommy Hilfiger licensesheadwind
The Calvin Klein and Tommy Hilfiger licenses expire on a staggered basis through the end of 2027, and the company expects a loss of about 460 million USD of sales in fiscal 2027 3. If other products do not offset this, the effect on results could be significant 1.
- Digital and omni-channel shiftmixed
Retailers are expanding online sales, and the company is investing in digital marketing, logistics and its own sites 1. If these investments reduce losses in the retail channel, they could support growth, though risks around cybersecurity and digital execution remain 1.
Competitive position
Competition comes from other groups that manage brand portfolios, and from retailers developing private label brands or bringing national brands in exclusively 1. The sources do not identify listed competitors explicitly, and the company stresses that fashion markets are intensely competitive 1.
The company's advantage lies in the scale of its design and sourcing capabilities and its ability to launch new licenses quickly, making it a preferred partner for outside brands 1. If retailers concentrate purchases on fewer vendors, its position with major customers could be affected 1.
- Global fashion groups and brand managers
Other companies managing international brand portfolios compete for licenses and for space in stores and on digital platforms 1.
- National brand makers selling exclusively
National brands that choose exclusive distribution with one retailer can limit the company's access to certain customers 1.
- Online retail platforms
Platforms such as Amazon, Zalando and Zappos are both customers and channels where consumers compare products in the same categories 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- G-III’s (GIII) $1.2B Bet On Life After Calvin KleinYahoo Finance — News · 10 Sept 2026 · EN
- G-III Apparel (GIII) Q2 2027 Earnings Call TranscriptYahoo Finance — News · 09 Sept 2026 · EN
- G-III Apparel Group, Ltd. Q2 2027 Earnings Call SummaryYahoo Finance — News · 04 Sept 2026 · EN
SEC filings
- Quarterly report08 Sept 2026
- Current report02 Sept 2026Material agreement · Acquisition or disposition of assets · Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report20 Aug 2026Other events · Financial statements and exhibits
- Current report12 Jun 2026Shareholder vote
- Quarterly report08 Jun 2026
- Current report05 Jun 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report27 May 2026Other events · Financial statements and exhibits
- Current report14 May 2026Material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement05 May 2026
- Current report04 May 2026Material agreement · Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-01-31 · SEC / G-III Apparel Group, Ltd. · 24 Mar 2026
- [2] Form 10-Q, quarter ended 2026-07-31 · SEC / G-III Apparel Group, Ltd. · 08 Sept 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / G-III Apparel Group, Ltd. · 02 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.