Branded apparel and accessories maker G-III Apparel Group has completed its US$650m acquisition of Donna Karan International, parent of the Donna Karan and DKNY brands.

The deal, which was first announced in July, is designed to "broaden the brand's distribution and take it to its next level of success", according to the French conglomerate.

LVMH to sell Donna Karan to G-III for US$650m

"Donna Karan International is a transformative addition to our global portfolio of iconic brands and enhances our position as a fashion leader," says Morris Goldfarb, chairman and CEO of G-III. "We believe there is a need for these brands in the market and that DKNY alone has the potential to generate $1 billion in annual sales. Working closely with our partners and through our strong licensing network, we are confident we can quickly bring to market a comprehensive and compelling lifestyle offering that will restore the DKI brands to prominence and excite consumers."