G-III Apparel Group, Ltd. (Nasdaq: GIII), a leading designer, manufacturer and marketer of outerwear and sportswear, today announced that it has priced an offering of 4,500,000 shares of its common stock at a price to the public of $20.00 per share. Of these shares, 1,621,000 shares will be sold by the Company and 2,879,000 shares will be sold by selling stockholders. The Company intends to use its proceeds from the offering for general corporate purposes to support the growth of its business. The Company will not receive any proceeds from the sale of shares by the selling stockholders.
The Company and certain selling stockholders have granted the underwriters an option to purchase an aggregate of 675,000 shares of common stock at the public offering price to cover over-allotments, if any.
The offering is being underwritten by an investment banking group led by Thomas Weisel Partners LLC that also includes Cowen and Company, Lazard Capital Markets and Brean Murray, Carret & Co. Copies of the final prospectus relating to the offering may be obtained from Thomas Weisel Partners LLC, One Montgomery Street, Suite 3700, San Francisco, Calif. 94104, or by calling (415) 364-2500.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the shares in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About G-III Apparel Group
G-III is a leading designer, manufacturer and marketer of outerwear and sportswear under licensed brands, its own proprietary brands and private retail labels. The Company sells an extensive range of outerwear and sportswear, including coats, jackets, pants and other sportswear items, as well as women’s suits and dresses. G-III distributes its products through a diverse mix and a large number of retail partners at a variety of price points.
Forward Looking Information
Statements concerning the Company’s business outlook or future economic performance, anticipated revenues, expenses or other financial items, product introductions and plans and objectives related thereto, and assumptions made or expectations as to any future events, conditions, performance or other matters, are “forward-looking statements” as that term is defined under the U.S. federal securities laws. Forward-looking statements are subject to risks, uncertainties and factors which include, but are not limited to, reliance on licensed products, reliance on foreign manufacturers, the nature of the apparel industry, including changing customer demand and tastes, seasonality, customer acceptance of new products, the impact of competitive products and pricing, dependence on existing management, possible disruption from acquisitions and general economic conditions, as well as other risks detailed in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update the information in this release.
