LVMH is selling off Donna Karan International, the owner of DKNY, to G-III Apparel Group in a deal that is valuing the troubled brand for $650 million.
It’s not entirely a surprise: Donna Karan had been losing money for years, operating in a tough business environment. Luxury analysts say DKNY’s annual sales (LVMH does not break out individual company performance) came in at about $450 million. So G-III is paying about $1 to $1.5 times annual revenue, less than the 1.9 times LVMH paid when it bought the company in 2001 for $643 million.)
More in Marketing
How Ace Hardware built its employee AI assistant
Ace Hardware executives took a careful approach in designing and implementing its new AI assistant to work throughout the chain.
Marketers at Possible adjust to the realities of AI while trying to stay human
Digiday caught up with a raft of executives from across marketing (Geico and Maybelline), agencies (Mediaplus, CROING), content (1440) and research (Marketcast).
‘Maybe ChatGPT is a different kind of a place’: Why OpenAI is saying no to search budgets — for now
OpenAI is coming for performance budgets — it just isn’t ready yet.