Wayne Miller, chief operating officer of G-III Apparel Group Ltd., plans to step down, effective July 1. He will become a senior strategic adviser to the company.
In his new role, Miller will assist in the transition of his day-to-day responsibilities and advise the company on various aspects of corporate strategy. He will continue to report to Morris Goldfarb, chairman and chief executive officer.
“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. 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 adviser and continue to assist us in charting our paths toward success and prosperity,” said Goldfarb.
Goldfarb said G-III has reallocated some of his responsibilities and has met with several candidates and will go through a hiring process. He called Miller “a great G-III person,” and said he will help in the transition. He contractually will be at G-III for a few years.
Miller added, “It has been an incredible 23 years and I have been fortunate to have had the opportunity to work with Morris and the rest of the world-class team to grow G-III into a financially strong, well diversified company with a portfolio of globally recognized brands. In my new capacity, I look forward to my continued contribution toward G-III’s long-term growth.”
Miller has been chief operating officer since December 2003 and secretary since November 1998. He also served as chief financial officer from April 1998 until September 2005 and as treasurer from November 1998 until April 2006.
Last week, G-III reported that total sales for the three-month period ended April 30 rose more than 28 percent to about $520 million, up from $405 million a year ago. The company logged $26.3 million in profits, compared with losses of $39.2 million a year earlier, as reported.
The company, which has such directly owned brands as Donna Karan, DKNY, Vilebrequin and Andrew Marc, also licenses Calvin Klein, Tommy Hilfiger, Karl Lagerfeld Paris, Cole Haan, Kenneth Cole and Vince Camuto. It also has licenses with the National Football League, National Basketball Association, Major League Baseball, National Hockey League and more than 150 U.S. colleges and universities.
“We have a long runway of organic growth ahead of us and the resources to invest in that growth,” Goldfarb told analysts on the conference call last week.
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