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About G.H. Bass & Co.

G-III Apparel Group sources and markets a wide range of men's and women's apparel under 30-plus licensed and proprietary brands, including global brands DKNY, Donna Karan, Calvin Klein, Tommy Hilfiger, and Karl Lagerfeld Paris. The company's offerings include outerwear, dresses, and sports and performance wear, as well as handbags, shoes, leather goods, and luggage. It also has a team sports business with licenses from the NFL, NBA, MLB, and more than 150 colleges. The company also distribute their products through their retail stores and through their DKNY, Donna Karan, Wilsons Leather, G.H. Bass, Vilebrequin and Andrew Marc websites, the Karl Lagerfeld Paris website, and the websites of their retail partners such as Macy's, Nordstrom, Amazon and Fanatics. The US accounts for more than 85% of sales.

Operations

G-III operates in two segments: wholesale operations and retail operations.

Wholesale operations include sales of products licensed by the company from third parties, as well as sales of products under G-III's proprietary and private-label brands. Wholesale revenues also include royalty revenues from license agreements related to their owned trademarks including DKNY, Donna Karan, Vilebrequin, G.H. Bass and Andrew Marc. The wholesale segment accounts for more than 85% of sales.

G-III's retail segment, which accounts for the remaining revenue, sells outerwear, apparel, footwear and accessories in the US through the brands Wilsons Leather, G.H. Bass, and Calvin Klein Performance. It also includes more than 280 stores under the Wilsons Leather, G.H. Bass, Karl Lagerfeld Paris, DKNY, and Calvin Klein Performance names.

The company have ten different license agreements relating to a variety of products sold under the Calvin Klein brand that is owned by PVH. They have three different license agreements for products sold under the Tommy Hilfiger brand, which is also owned by PVH. Net sales of these two brands owned by PVH constituted approximately 50% of their net sales in fiscal 2020 and approximately 45% of our net sales in fiscal 2019.

Geographic Reach

Headquartered in New York, G-III has distribution centers in Carlstadt, Dayton, and Jamesberg, New Jersey. It also has an office, warehouse and distribution facility in Brooklyn Park, Minnesota.

The company's 385-plus stores globally.

The US accounts for more than 85% of total sales. G-III's other markets include Canada, Central and South America, Europe, the Middle East, and the Far East.

Sales and Marketing

G-III sell to approximately 1,800 customers, ranging from national and regional chains to small specialty stores. The company also distribute their products through their retail stores and through their DKNY, Donna Karan, Wilsons Leather, G.H. Bass, Vilebrequin and Andrew Marc websites, the Karl Lagerfeld Paris website, and the websites of their retail partners such as Macy's, Nordstrom, Amazon and Fanatics.

Macy's (which includes the Macy's and Bloomingdale's chains) accounts for about a quarter of sales and TJX Companies accounts for more than 10%; the top 10 customers together generate some 70% of sales.

The company's advertising expenses were $94.7 million, $87.8 million, and $105.6 million for the fiscal years ended 2020, 2019, and 2018, respectively.

Financial Performance

Net sales for fiscal 2020 increased to $3.2 billion from $3.1 billion in the prior year. Net sales of our wholesale operations segment increased to $2.9 billion from $2.7 billion in the comparable period last year. This increase is primarily the result of a $105.0 million increase in net sales of Tommy Hilfiger licensed products, an $85.7 million increase in net sales of our DKNY and Donna Karan products and a $48.5 million increase in net sales of Calvin Klein licensed products.

Net income soared that year, jumping 4% to a record $143.8 million, on the higher revenue, and asset impairments, net of gain on lease terminations combined with lower selling, general, and administrative expenses, and income tax expense.

Cash at the end of fiscal 2020 was $197.4 million, an increase of $127.2 million from the prior year. Cash from operations contributed $209.0 million to the coffers, while investing activities used $40.1 million, mainly for capital expenditures. Financing activities used another $44.5 million for stock repurchases and repayment of borrowings primarily.

Strategy

They are focused on the following strategic initiatives, which they believe are critical to their long-term success:

Owning brands: The company now own a portfolio of proprietary brands, including DKNY, Donna Karan, Vilebrequin, Eliza J, Jessica Howard, G.H. Bass and Andrew Marc.

Focusing on their five global power brands: While they sell products under more than 30 licensed and proprietary brands, five global power brands anchor their business: DKNY, Donna Karan, Calvin Klein, Tommy Hilfiger and Karl Lagerfeld Paris. Each of these brands has substantial name recognition and is well-known in the marketplace.

Expanding the company's international business: They continue to expand their international business and enter into new markets worldwide. They believe that the international sales and profit opportunity is quite significant for their DKNY and Donna Karan businesses. G-III are expanding their DKNY business globally through their distribution partners in key regions.

Increasing online business opportunities: They are continuing to make changes to their business to address the additional challenges and opportunities created by the evolving role of the online marketplace in the retail sector and expect to increase the sale of our products in an omni-channel environment.

Reducing the losses in their retail operations: They are working towards the restructuring of their retail operations, which would greatly reduce the number of stores they operate and the losses they are incurring.

Company Background

G-III traces its roots to an outerwear company opened by Aron Goldfard in New York City in 1956. By the early 1970s the company was diversifying into other apparel, although it was known for many decades for its luxury leather outerwear.

G-III went public in 1989. 

G.H. Bass & Co.

512 7th Ave FL 28
New York, NY 10018-0845
Phone: 1 (646) 768-4600

Firm Stats

Employer Type: Privately Owned
President: John Gietl
Employees (This Location): 50
Employees (All Locations): 4,100

Major Office Locations

New York, NY

Other Locations

Foley, AL
Leeds, AL
Barstow, CA
Cabazon, CA
Camarillo, CA
Carlsbad, CA
Commerce, CA
Lake Elsinore, CA
Livermore, CA
Pacific Grove, CA
Pismo Beach, CA
South Lake Tahoe, CA
Truckee, CA
Vacaville, CA
Castle Rock, CO
Clinton, CT
Mashantucket, CT
Westbrook, CT
Ellenton, FL
Estero, FL
Fort Myers, FL
Homestead, FL
Naples, FL
Orlando, FL
Saint Augustine, FL
Sunrise, FL
The Villages, FL
Vero Beach, FL
West Palm Beach, FL
Commerce, GA
Dawsonville, GA
Locust Grove, GA
Woodstock, GA
Williamsburg, IA
Aurora, IL
Huntley, IL
Rosemont, IL
Tuscola, IL
Edinburgh, IN
Fremont, IN
Michigan City, IN
Gonzales, LA
Lee, MA
North Dartmouth, MA
Sagamore, MA
West Yarmouth, MA
Wrentham, MA
Hagerstown, MD
Ocean City, MD
Oxon Hill, MD
Queenstown, MD
Freeport, ME
Kittery, ME
South Portland, ME
Birch Run, MI
Byron Center, MI
Howell, MI
Albertville, MN
Eagan, MN
Medford, MN
North Branch, MN
Branson, MO
Chesterfield, MO
Osage Beach, MO
Gulfport, MS
Vicksburg, MS
Asheville, NC
Blowing Rock, NC
Charlotte, NC
Mebane, NC
Nags Head, NC
Smithfield, NC
Lincoln, NH
Merrimack, NH
North Conway, NH
Tilton, NH
Atlantic City, NJ
Blackwood, NJ
Flemington, NJ
Jackson, NJ
Lafayette, NJ
Manasquan, NJ
Tinton Falls, NJ
Las Vegas, NV
Laughlin, NV
Bellport, NY
Carle Place, NY
Corning, NY
Deer Park, NY
Fishkill, NY
Lake George, NY
Lake Placid, NY
Niagara Falls, NY
Riverhead, NY
Aurora, OH
Burbank, OH
Jeffersonville, OH
Monroe, OH
Oklahoma City, OK
Lincoln City, OR
Troutdale, OR
Woodburn, OR
Bethlehem, PA
Gettysburg, PA
Grove City, PA
Hershey, PA
Lahaska, PA
Lancaster, PA
Pottstown, PA
Tannersville, PA
Washington, PA
Wyomissing, PA
Myrtle Beach, SC
North Charleston, SC
Pigeon Forge, TN
Sevierville, TN
Allen, TX
Cypress, TX
Katy, TX
Mercedes, TX
Round Rock, TX
Terrell, TX
Texas City, TX
Lehi, UT
Park City, UT
Leesburg, VA
Williamsburg, VA
Essex Junction, VT
Manchester Center, VT
Blaine, WA
Burlington, WA
North Bend, WA
Quil Ceda Village, WA
Baraboo, WI
Johnson Creek, WI
Oshkosh, WI
Pleasant Prairie, WI