Exhibit 99.1
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Company Contact:
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Wayne Miller |
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Chief Operating Officer |
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(212) 403-0500
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Investor Relations Contact:
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James R. Palczynski |
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ICR, Inc. |
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(203) 682-8229 |
G-III Apparel Group Board of Directors Authorizes 2 Million Share Repurchase Program
September 22, 2011 New York, New York G-III Apparel Group, Ltd. (NASDAQ: GIII) announced
today that its board of directors has authorized a program to repurchase up to 2 million shares of
the Companys common stock. The timing and actual number of shares repurchased, if any, will depend
upon a number of factors, including market conditions and prevailing stock prices. Share
repurchases may take place on the open market, in privately negotiated transactions or by other
means, and would be made in accordance with applicable securities laws.
Morris Goldfarb, Chairman and Chief Executive Officer commented, The share repurchase program
approved by the Board reflects confidence in the Companys business. It is also consistent with our
strategy of providing value to our stockholders while maintaining flexibility to use our financial
resources to pursue new opportunities to grow our business.
About G-III Apparel Group, Ltd.
G-III is a leading manufacturer and distributor of outerwear, dresses, sportswear and womens
suits, as well as handbags and luggage, under licensed brands, our own brands and private label
brands. G-III sells outerwear and dresses under our own Andrew Marc, Marc New York and Marc Moto
brands and has licensed these brands to select third parties in certain product categories. G-III
has fashion licenses under the Calvin Klein, Sean John, Kenneth Cole, Cole Haan, Guess?, Jones New
York, Jessica Simpson, Vince Camuto, Nine West, Ellen Tracy, Tommy Hilfiger, Levis and Dockers
brands and sports licenses with the National Football League, National Basketball Association,
Major League Baseball, National Hockey League, Touch by Alyssa Milano and more than 100 U.S.
colleges and universities. Our other owned brands include Jessica Howard, Eliza J, Black Rivet,
G-III, G-III Sports by Carl Banks and Winlit. G-III also operates outlet stores under our Wilsons
Leather name and is a party to a joint venture that operates outlet stores under the Vince Camuto
name.
Statements concerning G-IIIs business outlook or future economic performance, anticipated
revenues, expenses or other financial items; product introductions and plans and objectives
related thereto; and statements concerning assumptions made or expectations as to any future
events, conditions, performance or other matters are forward-looking statements as that term is
defined under the Federal Securities laws. Forward-looking statements are subject to risks,
uncertainties and factors which include, but are not limited to, reliance on licensed product,
reliance on foreign manufacturers, risks of doing business abroad, the current economic and credit
environment, the nature of the apparel industry, including changing customer demand and tastes,
customer concentration, seasonality, risks of operating a retail business, customer acceptance of
new products, the impact of competitive products and pricing, dependence on existing management,
possible disruption from acquisitions and general economic conditions, as well as other risks
detailed in G-IIIs filings with the Securities and Exchange Commission. G-III assumes no
obligation to update the information in this release.