French luxury giant LVMH Moet Hennessy Louis Vuitton is selling the Donna Karan clothing brand to US group G-III Apparel in a 650 million US dollars (£496 million) deal. LVMH, owner of Christian Dior, Kenzo and Sephora, had attempted to turn the loss-making fashion brand around but it has continued to struggle. LVMH said on Monday that G-III will acquire Donna Karan International in late 2016 or early 2017. New York-based G-III owns brands including Bass shoes and Vilebrequin clothing, and has licences with US sports leagues. It is looking to expand its stable of brands, and will fund the purchase with debt. Donna Karan herself stepped down from her signature collection last year to focus on her Urban Zen company and foundation.
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