PARIS (AP) — French luxury giant LVMH Moet Hennessy Louis Vuitton is selling its Donna Karan and DKNY clothing brands to U.S. group G-III Apparel in a $650 million deal.
It's a rare sale for LVMH, owner of such brands as Christian Dior, Kenzo and Sephora and a leader in the luxury world.
According to the transaction announced Monday, G-III will acquire Donna Karan International, Inc., in late 2016 or early 2017.
New York-based G-III owns brands including Bass shoes and Vilebrequin clothing, and has licenses with U.S. sports leagues. It's looking to expand its brands, and will fund the purchase with loans, according to a statement from LVMH.
Donna Karan herself stepped down from her signature collection last year, to focus on her Urban Zen company and foundation.