G-III Apparel, a clothing brand with business ties to the Trumps, has joined the race for assets belonging to Sir Philip Green’s collapsed Arcadia group, according to The Telegraph.
The New York-based powerhouse, helmed by Morris Goldfarb, was the driver behind Donald Trump’s Signature tie collection and formerly manufactured and distributed the now disbanded fashion label for the outgoing President’s eldest daughter Ivanka.
The Nasdaq-listed company holds the licences for Levi’s, Calvin Klein and the late Karl Lagerfeld’s clothing brand, as well as others.
In 2016, beauty owner LVMH sold Donna Karan to the family-run business for US$650m.
G-III becomes one of two American bidders battling for Arcadia’s businesses, which includes fashion and beauty darling Topshop.
The owner of historic New York department store chain Barneys, Authentic Brands, was the first of the US businesses to register its interest in the bust tycoon’s house in December last year. It is also thought to be pursuing department store Debenhams.
Meanwhile, on the other side of the Atlantic, thriving retail group Next and fast fashion brand Boohoo are providing opposition for the American competition.
Bidders are yet to confirm which parts of the business they are interested in, however, Topshop is considered to be the biggest prize in Arcadia’s portfolio.
Earlier this month, rumours circulated that Arcadia had put the beauty and fashion label’s Oxford Street store up for sale, triggering an outcry from consumers.
i am legitimately sad about topshop closing and i will resent whatever shop takes over the big topshop on oxford street forevermore. sorry i know this is not very leftist of me— Natalya Lobanova (@NatalyaLobanova) January 5, 2021
Say goodbye to 'meet me outside the big Topshop'. Feel weirdly devastated about the closure of the Oxford St store, even though it was indeed like descended into the varying circles of hell at time. This piece made me so nostaglic! https://t.co/mT18CXYU0B via @HuffPostUKLife— Jess Brammar (@jessbrammar) January 5, 2021