G-III Apparel Group, Ltd. announced that its board of directors has authorized a program to repurchase up to 2 million shares of the company's common stock. The timing and actual number of shares repurchased, if any, will depend upon a number of factors, including market conditions and prevailing stock prices. Share repurchases may take place on the open market, in privately negotiated transactions or by other means, and would be made in accordance with applicable securities laws.
Morris Goldfarb, Chairman and Chief Executive Officer commented, “The share repurchase program approved by the Board reflects confidence in the Company's business. It is also consistent with our strategy of providing value to our stockholders while maintaining flexibility to use our financial resources to pursue new opportunities to grow our business.”
