G-III Apparel Group has acquired men's luxury swimwear and resort-wear brand Vilebrequin from Fashion Fund One in a deal worth EUR85.5m (US$106.2m).

The purchase price includes a cash payment of EUR70.5m and EUR15m in promissory notes, with an additional EUR22.5m in future payments based on certain performance objectives over the three years ended 2015.

Vilebrequin sells its products through a network of 185 owned and franchised speciality retail stores and through select wholesale distribution. It reported sales of EUR45.1m in the year ended 31 December.

"We have stated publicly our desire to own a global brand," said G-III chairman and CEO Morris Goldfarb.

"An opportunity to acquire a pre-eminent luxury brand such as Vilebrequin does not happen very often. Vilebrequin sets a global standard for excellence and commands exceptional loyalty at a premium price in each of its markets.

"We believe that this brand is very powerful and expect to add more retail locations throughout the world, as well as develop the business beyond its heritage in men's swimwear, accessories and resort-wear.

"We have assembled a world class luxury brand management team, led by Roland Herlory, who we are confident can extend and expand Vilebrequin into a diversified global luxury brand."

New CEO Herlory was most recently managing director of Hermes' Latin American and Caribbean territories.

Current Petit Bateau chairman and Moncler board member Christian Blanckaert will become chairman of Vilebrequin's newly established advisory board. And Fashion Fund co-founder Adu Advaney will join the board as vice president.

G-III also owns the Andrew Marc, Marc New York and Marc Moto brands, as well as fashion licenses under the Calvin Klein, Kenneth Cole, Cole Haan, Guess?, Jones New York, Nine West, Tommy Hilfiger, Levi's and Dockers brands.