Apr 11, 2017
G-III Apparel says Ivanka Trump label’s sales up 61% in 2016
Apr 11, 2017
The performance of the Ivanka Trump label has rarely been under so much scrutiny. G-III Apparel Group, which manufactures and distributes the clothes and accessories for the US President's eldest daughter's label, has disclosed details about the business, reporting that sales for Ivanka Trump products grew by nearly 61% in 2016.
In a document addressed to the SEC, the US stock exchange watchdog, the group stated that the figure refers to the period from February 2016 to 31st January 2017, corresponding to the 2016-17 fiscal year, and relates to the wholesale channel only.
It includes neither retail sales nor the month of February 2017, when US department stores Nordstrom and Neiman Marcus withdrew Ivanka Trump apparel and accessories from their branches, under pressure from a boycott appeal by the #GrabYourWallet campaign.
The stores' decision sparked off a debate, and an adviser close to Donald Trump even went as far as making a TV appeal for consumers to buy the products, kindling the suspicion of a conflict of interest between the Trump family's businesses and the White House.
The revenue generated by Ivanka Trump products in the 2016-17 fiscal year skyrocketed to $47.3 million, compared to $29.4 million the previous year.
G-III Apparel, which also operates licenses for Calvin Klein, Tommy Hilfiger, Levi's and Karl Lagerfeld, added that the Ivanka Trump label is one of the three main brands which contributed to a rise in its operating income. The latter reached $840.9 million in the last fiscal year, compared to $836.8 million a year earlier.
The results seem to contradict Nordstrom's statement explaining the decision to pull Ivanka Trump apparel and accessories with a shortfall in sales.
However, Ivanka Trump only accounts for 1.97% of the G-III Apparel Group's total revenue.
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