8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 10, 2008

G-III APPAREL GROUP, LTD.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

0-18183 (Commission File Number)	41-1590959 (IRS Employer Identification No.)
512 Seventh Avenue New York, New York (Address of principal executive offices)	10018 (Zip Code)

 
Registrant’s telephone number, including area code: (212) 403-0500

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d 2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events

On January 10, 2008, G-III Apparel Group, Ltd. (the “Company”) and Christian Casey LLC, owner of Sean John, issued a joint press release announcing, among other things, the termination of the Company’s Sean John junior women’s sportswear license. In addition, the Company announced that it will take a charge of approximately $0.03 per share on an after-tax basis in its fourth quarter of fiscal 2008 in connection with the termination of the license. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press release dated January 10, 2008.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 11, 2008	G-III APPAREL GROUP, LTD.
	By:	/s/ Neal S. Nackman
	Name:	Neal S. Nackman
	Title:	Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release dated January 10, 2008.

EX-99.1

G-III APPAREL GROUP, LTD.

For:	G-III Apparel Group, Ltd.	For:	Sean John
Contact:	Investor Relations James Palczynski (203) 682-8229		Paul Wilmot Communications Hampton Carney (212) 206-7447
	G-III Apparel Group, Ltd. Wayne S. Miller, Chief Operating Officer (212) 403-0500		Sean John Jeffrey Tweedy, President (212) 500-2200

G-III APPAREL GROUP, LTD. AND CHRISTIAN CASEY LLC. ANNOUNCE TERMINATION AND TRANSITION OF JUNIOR SPORTSWEAR LICENSE

New York, New York – January 10, 2008 — G-III Apparel Group, Ltd. (NASDAQ: GIII) and Christian Casey LLC., owner of Sean John, today jointly announced the termination and transition of the Sean John junior women’s sportswear license back to Christian Casey LLC. G-III will continue to produce men’s and women’s outerwear under the Sean John label. G-III and Christian Casey LLC also announced that the women’s outerwear license had been extended by one year to December 31, 2010.

Morris Goldfarb, Chairman and Chief Executive Officer, said, “We are very pleased to continue to partner with Sean John and to be involved with the growth of the brand through our men’s and women’s outerwear collections. We continue to believe that the Sean John brand will support a sizable junior sportswear assortment. Despite the opportunity, we have reached a mutual decision that the line requires specific operational and financial commitments that would best be made by the Sean John organization.”

G-III noted that it would take a charge of approximately $0.03 per share on an after-tax basis in the current fourth quarter of fiscal 2008 in connection with the termination of its Sean John women’s sportswear license.

Sean “Diddy” Combs, founder and chairman of Sean John, said, “G-III has been an outstanding partner for our brand in the men’s and women’s outerwear category and we value our long term partnership with them. I would like to thank GIII and their incredible team for all of their work thus far in helping Sean John establish a presence in the women’s junior sportswear market and for the continuing excellence of their outerwear effort. But at this time, I have decided on another course for its future. We

know there is a strong desire for the Sean John women’s sportswear because we have seen huge successes with our women’s outerwear and fragrance Unforgivable Woman, which launched in the top 10 in fall 2007. I look forward to announcing our plans for this collection very soon.”

About G-III Apparel Group, Ltd.

G-III Apparel Group, Ltd. is a leading manufacturer and distributor of outerwear and sportswear under licensed labels, private labels and our own labels. The Company has fashion licenses, among others, under the Calvin Klein, Sean John, Kenneth Cole, Cole Haan, Guess?, Jones New York, Nine West, Ellen Tracy, IZOD, Tommy Hilfiger, and sports licenses with the National Football League, National Basketball Association, Major League Baseball, National Hockey League, Louisville Slugger, World Poker Tour and more than 100 U.S. colleges and universities. G-III works with leading retailers in developing product lines to be sold under its own proprietary private labels. Company-owned labels include, among others, Marvin Richards, G-III, Jessica Howard, Eliza J., Industrial Cotton, Black Rivet, Siena Studio, Colebrook, G-III by Carl Banks, Winlit, NY 10018 and La Nouvelle Renaissance.

About Sean John Clothing, Inc.

Sean John, a privately held company, was created by music icon and producer Sean “Diddy” Combs and made its fashion debut with a men’s sportswear collection for the spring 1999 season. In 2004, Sean “Diddy” Combs for Sean John was honored by the Council of Fashion Designers of America as Men’s Wear Designer of the Year. With annual retail sales in the United States of over $525 million, Sean John is sold in better department and specialty stores across the country, as well as select retailers around the world. In 2006 Sean John, in partnership with Estée Lauder Companies, launched its signature men’s fragrance, Unforgivable, which remains one of the highest selling men’s fragrance in department stores in America. Its feminine counterpart launched in the fall of 2007 and continues to be in the top 20 best selling scents in the category.

Safe Harbor Language

Statements concerning G-III’s 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, the nature of the apparel industry, including changing customer demand and tastes, seasonality, 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-III’s filings with the Securities and Exchange Commission. G-III assumes no obligation to update the information in this release.

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