LVMH sells Donna Karan to G-III Apparel Group

LVMH has sold Donna Karan to American manufacturer and license holder G-III Apparel Group for $650m. The sale of Donna Karan (as well as its DKNY label) makes it the second time LVMH has sold a fashion brand, after the sale of Christian Lacroix in 2005. Founder, Donna Karan stood down last year to concentrate on her new lifestyle business Urban Zen.