G-III Apparel Group plans to introduce Calvin Klein Performance, a technical apparel line featuring moisture wicking fabrics and other performance materials. The collection will debut in February with distribution including Macy's and Paragon Sports in New York City.
“It's going to be for the woman who goes to yoga class, who goes jogging, who goes biking. We want to dress the active woman,” said Wayne Miller, G-III's COO, at the Cowen & Co. consumer conference. “It's a soft launch but we've gotten some pretty good distribution. We're going to spend money on it this year but I also think we will make some money with Calvin Klein Performance this year.”
Overall, G-III's sports group has grown into a $60 million business and Miller called it “very profitable.” G-III has deals with the four major leagues and over 100 universities. A newer initiative is Touch by Alyssa Milano, a collaboration between MLB and the actress. Touch recently came out with some denim product in collaboration with Industrial Cotton, a denim bottoms business that G-III acquired in May.
Miller also said G-III continues to pursue acquisitions in the $50 to $100 million range, mentioning sports as well as dresses as possibilities. “We are quite busy in looking at acquisitions today as valuations have come down and we are well-positioned from a balance sheet standpoint.”
