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The rebirth of Sonia Rykiel, bought by G-III

The rebirth of Sonia Rykiel, bought by G-III

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Two years after its rescue, the fashion house Sonia Rykiel will be bought by the American group G-III, listed on Wall Street.

 

It is in a statement of the brand that we learn that Sonia Rykiel will be acquired by the American group G-III, which owns among others the brands DKNY, Calvin Klein or Tommy Hilfiger.A new step in the rebirth” says the firm.

 

 

 

The buyout agreement is expected to be finalized by the end of October 2021, with no figures mentioned at this time.

 

In December 2019, it was Eric and Michaël Dayan, (co-founders of the e-commerce site Showroomprivé) with their brother David Dayan and Thierry Petit, who had taken over the brand, which had been placed in receivership six months earlier.

 

The two brothers had then bet on digital via an increased presence on social networks and the launch of a new e-commerce site for the brand in October 2020.

 

Eighteen months after (…) the success of their digital relaunch project, this transaction marks a new stage in the rebirth of Sonia Rykiel,” said the brand in its statement, referring to objectives of “international deployment and a reconquest of distribution networks.”

 

The Dayan brothers welcomed the agreement, saying that “the time had come to entrust this iconic brand to a player capable of operating a change of scale.”

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G-III CEO Morris Goldfarb announced, “We are extremely pleased to acquire the Sonia Rykiel brand, which allows us to further expand in the luxury sector.”

 

Prior to the final agreement, Sonia Rykiel will present its next collection at Paris Fashion Week. The G-III group expects to have sales of $2.7 billion and net income of up to $165 million for its current fiscal year.

 

 

Read also > DAYAN BROTHERS COMPLETE ACQUISITION OF SONIA RYKIEL FRENCH FASHION HOUSE

 

Featured photo : © Sonia Rykiel

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