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In what The New York Times has described as a “rare admission of failure,” LVMH just sold off its Donna Karan subsidiary—known for its DKNY brand—to New York apparel brand operator G-III for $650M.
The Louis Vuitton conglomerate tried repeatedly over the years to revive the company, from selling products wholesale to marking down prices and even retiring the high-end Donna Karan line, Retail Dive reports.
But in the end LVMH resorted to selling it off, something it does very infrequently—the company has only sold off one other line in its history. But investors are happy with the decision, and LVMH’s stock jumped up 1% following the news. [RD]
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