G-III chief operating officer to transition to advisory role
G-III Apparel Group, Ltd., the New York-based owner of brands including Donna Karan, announced on Tuesday that, effective July 1, 2021, its chief operating officer, Wayne Miller, will be stepping down from his current role to become a senior strategic advisor at the company.
In his new role, Miller will advise G-III on a range of corporate strategy questions and will also support the transition of his day-to-day responsibilities. He will continue to report to the group’s chairman and CEO, Morris Goldfarb.
Miller has spent over two decades at G-III and has served as COO since December 2003. His other roles at the company have included chief financial officer, a position he occupied from April 1998 to September 2005, treasurer and secretary. His successor as COO has yet to be announced.
“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,” said Goldfarb in a release. “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 advisor and continue to assist us in charting our path towards success and prosperity.”
Following a 35% decline in annual revenues totaling $2.06 billion in 2020, G-III posted a 28.3% rise in its first-quarter sales, which came to $519.9 million, earlier this month. The company’s Q1 earnings were $26.3 million, or $0.53 per diluted share.
Looking forward, the group expects to report annual revenues of approximately $2.57 billion in 2021, while net income is expected to be in the range of $125 million to $135 million, or $2.60 to $2.70 per diluted share.
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