Wayne Miller, chief working officer of G-III Apparel Group Ltd., plans to step down, efficient July 1. He will change into a senior strategic adviser to the corporate.
In his new position, Miller will help within the transition of his day-to-day tasks and advise the corporate on numerous elements of company technique. He will proceed to report back to Morris Goldfarb, chairman and chief government officer.
“On behalf of our board and global team, I want to sincerely thank Wayne for his 23 years of dedication, leadership and significant contributions in helping build G-III into the exceptional company that it is today. Wayne has been instrumental in the acquisition and development of many of the businesses we currently have. I am pleased that Wayne will stay on as a key strategic adviser and continue to assist us in charting our paths toward success and prosperity,” mentioned Goldfarb.
Goldfarb mentioned G-III has reallocated a few of his tasks and has met with a number of candidates and can undergo a hiring course of. He known as Miller “a great G-III person,” and mentioned he’ll assist in the transition. He contractually can be at G-III for a number of years.
Miller added, “It has been an incredible 23 years and I have been fortunate to have had the opportunity to work with Morris and the rest of the world-class team to grow G-III into a financially strong, well diversified company with a portfolio of globally recognized brands. In my new capacity, I look forward to my continued contribution toward G-III’s long-term growth.”
Miller has been chief working officer since December 2003 and secretary since November 1998. He additionally served as chief monetary officer from April 1998 till September 2005 and as treasurer from November 1998 till April 2006.
Last week, G-III reported that whole gross sales for the three-month interval ended April 30 rose greater than 28 p.c to about $520 million, up from $405 million a yr in the past. The firm logged $26.3 million in earnings, in contrast with losses of $39.2 million a yr earlier, as reported.
The firm, which has such immediately owned manufacturers as Donna Karan, DKNY, Vilebrequin and Andrew Marc, additionally licenses Calvin Klein, Tommy Hilfiger, Karl Lagerfeld Paris, Cole Haan, Kenneth Cole and Vince Camuto. It additionally has licenses with the National Football League, National Basketball Association, Major League Baseball, National Hockey League and greater than 150 U.S. schools and universities.
“We have a long runway of organic growth ahead of us and the resources to invest in that growth,” Goldfarb advised analysts on the convention name final week.