G-III apparel appoints Robert Johnson to board
G-III apparel announced on Thursday the appointment of Robert L. Johnson as the newest member of its board of directors.
Johnson has led an impressive career as the founder and chairman of The RLJ Companies, LLC and former founder and chairman of Black Entertainment Television (BET), the nation's first black-owned cable television network.
After successfully taking three companies public, Johnson was named to USA Today’s '25 Most Influential Business Leaders of the Past 25 Years' and Black Enterprise’s 40th Anniversary issue’s list of 'Titans: The 40 Most Powerful African Americans in Business'.
“Bob’s success as an entrepreneur and significant business expertise across multiple industries will provide a valuable perspective as we continue to execute our strategy, drive profitability and enhance value for all our stakeholders,” said G-III’s chairman and CEO, Morris Goldfarb.
As Johnson joins the board, the company’s board will now consist of twelve members, with Johnson being the eighth independent director on the board.
“It is an honor to join the dedicated management team and Board of G-III,” added Johnson.
“The company has embarked on several strategic initiatives to capitalize on its broad range of globally recognized power brands and diversified product categories to position itself well to navigate the current environment. I look forward to applying my extensive experience to assist G-III in building upon these initiatives as G-III advances its leadership position in the apparel industry.”
G-III’s portfolio of brands includes DKNY, Donna Karan, Calvin Klein, Tommy Hilfiger and Karl Lagerfeld, among others.
Earlier this month, the NYC-based group reported a 53.8 percent decline in its second-quarter sales, as a result of disruptions related to the Covid-19 pandemic.
For the second quarter ended July 31, 2020, the company’s net sales dropped to $297.2 million from $643.9 million in the same period last year.
Looking forward, the company expects net sales to decline in the range of 28 to 33 percent in the second half of its fiscal year, compared to the same period last year.
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