Benzinga | Sep 30, 2021 04:15PM EDT

G-III Apparel Signs Licensing Agreement With Inter Parfums

* G-III Apparel Group Ltd (NASDAQ:GIII) and Inter Parfums Inc (NASDAQ:IPAR) have entered into a long-term global licensing agreement to create, develop, and distribute fragrances and fragrance-related products under the Donna Karan and DKNY brands.

* G-III Apparel is the parent company of the Donna Karan and DKNY brands.

* Inter Parfums will take on the exclusive license, effective July 1, 2022. The financial terms of the agreement were not disclosed.

* The parties also plan to launch new fragrances under these brands in 2023.

* Price Action: GIII shares closed lower by 5.82% at $28.30 on Thursday.