G-III Apparel Group has teamed up with Karl Lagerfeld Group for the development of the US designer’s namesake brand in the North American market.

Under the terms of the agreement, Karl Lagerfeld has assigned its namesake trademark for all consumer products, except eye wear, fragrance, cosmetics, watches, jewellery, and hospitality services. These will remain exclusively with parent company Karl Lagerfeld Group and apparel in the US and Canada.

Additionally, the joint venture will be granted an exclusive, irrevocable, royalty-free license to use the marks in Mexico with respect to the same products. G-III owns a 49% interest in the venture, is the first licensee of the joint venture and has been granted a five-year license for women’s apparel, women’s handbags, and men’s outerwear.

The joint venture expects to grant additional category licenses over time to G-III and/or to other parties.

G-III CEO Morris Goldfarb, said: "We are excited to have formed this partnership and are poised to launch this iconic fashion brand to a new generation of consumers. We are looking forward to shipping product for the spring 2016 season and believe we can build and grow a meaningful business for Karl Lagerfeld product."