<SEC-DOCUMENT>0001571049-14-005709.txt : 20150505
<SEC-HEADER>0001571049-14-005709.hdr.sgml : 20150505
<ACCEPTANCE-DATETIME>20141103141928
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001571049-14-005709
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20141103

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			G III APPAREL GROUP LTD /DE/
		CENTRAL INDEX KEY:			0000821002
		STANDARD INDUSTRIAL CLASSIFICATION:	APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300]
		IRS NUMBER:				411590959
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		512 SEVENTH AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		2126298830

	MAIL ADDRESS:	
		STREET 1:		512 SEVENTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ANTE CORP
		DATE OF NAME CHANGE:	19891120
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">November 3, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>VIA EDGAR AND FEDERAL EXPRESS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Division of Corporate Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Washington, DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Attention: Tia L. Jenkins, Senior Assistant Chief Accountant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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<TD STYLE="width: 29.25pt; text-align: right"><B>Re:</B></TD><TD STYLE="width: 29.25pt"></TD><TD STYLE="text-align: justify"><B>G-III Apparel Group, Ltd.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 58.5pt"><B>Form 10-K for the Fiscal Year Ended January 31, 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 58.5pt"><B>Filed March 31, 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 58.5pt"><B>File No. 000-18183</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 58.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Set forth below are the
responses of G-III Apparel Group, Ltd. (<B>&ldquo;G-III,&rdquo;</B> the &ldquo;<B>Company</B>,&rdquo; &ldquo;<B>we</B>&rdquo; or
&ldquo;<B>our</B>&rdquo;) to the comments of the staff (the &ldquo;<B>Staff</B>&rdquo;) of the U.S. Securities and Exchange Commission
(the &ldquo;<B>Commission</B>&rdquo;), contained in the Staff&rsquo;s letter dated October 3, 2014, in connection with the Company&rsquo;s
Form 10-K for the fiscal year ended January 31, 2014 (the &ldquo;<B>Form 10-K</B>&rdquo;), filed with the Commission on March 31,
2014. It should be read in conjunction with our letter dated February 24, 2014 responding to the Staff&rsquo;s comment letter dated
January 28, 2014, our letter dated March 28, 2014 responding to the Staff&rsquo;s comment letter dated March 5, 2014, our letter
dated May 12, 2014 responding to the Staff&rsquo;s comment letter dated April 15, 2014, our letter dated June 25, 2014 in response
to a phone conversation on June 20, 2014 between James Giugliano and Rufus Decker of the Staff and me, and our letter dated August
6, 2014 responding to the Staff&rsquo;s comment letter dated July 9, 2014. For convenience of reference, we have recited the Staff&rsquo;s
comments in bold face type and have followed each comment with the Company&rsquo;s response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Form 10-K for the Fiscal Year Ended January 31, 2014</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Note D &ndash; Acquisitions and Intangibles, page F-13</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>We note your response to our prior comment 1, in which you assert the acquisition of G.H. Bass
was immaterial to your financial statements, appears to be based on the quantitative insignificance of G.H. Bass. Please provide
us with a materiality analysis that also considers the qualitative significance of the omitted disclosure pursuant to FASB ASC
805-10-50-2h. In your analysis of immateriality, tell us why you believe there is not a substantial likelihood that the disclosure
would have been viewed by a reasonable investor as having significantly altered the total mix of information, including how you
believe the revenues and earnings of G.H. Bass would have been viewed by an investor in comparison to your consolidated revenues
and earnings in the pro forma presentation for each of the last two fiscal years.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><U>Response</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In addition to the quantitative considerations
described in our letters dated May 12, 2014 and August 6, 2014, we evaluated other qualitative information to determine the materiality
of the G.H. Bass acquisition to our financial statements. For purposes of this evaluation, we assessed the materiality using guidance
from several authoritative sources, including SEC Staff Accounting Bulletin 99 topic M.1 &mdash; <I>Materiality</I> and Financial
Accounting Standards Board, Statement of Financial Accounting Concepts No.&nbsp;2 &mdash;<I>Qualitative Characteristics of Accounting
Information</I>. Although materiality judgments are primarily quantitative in nature, we understand that other elements have to
be taken into consideration in order to ensure that omitting the disclosure of an item in a financial report because of its materiality
would not change or influence the judgment of a reasonable person relying upon the report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">While assessing whether not disclosing
pro forma financial information for the G.H. Bass acquisition would significantly alter the mix of information presented to a reasonable
investor, we took into account a number of qualitative criteria. We evaluated whether the omission of the pro forma disclosure
would mask a change in the revenue trend. We considered whether omitting this disclosure would, for example, change a loss into
income or vice-versa or if the pro forma information would have provided information that would lead a reasonable investor to believe
that the Company might not meet analysts&rsquo; expectations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">It was our opinion that the failure
to disclose pro forma information would not significantly alter the total mix of information provided to financial statement users.
We noted that before and after the pro forma adjustments for the acquisition of G.H. Bass, our revenue trends for fiscal years
2013 and 2014 demonstrated growth. Similarly, the trend in earnings on a pro forma basis was consistent with the trend in our actual
earnings. In addition, we had an increase in EBIT of 29.5% on a pro forma basis compared to an increase of 30.7% as reported in
the Form 10-K. The acquisition of G.H. Bass took place after the completion of our third quarter, which is our most critical quarter. Given the timing of this
transaction, the fact that G.H. Bass results were fairly consistent between fiscal years 2013 and 2014 and that the G.H. Bass operations
for the last quarter of fiscal year ended January 31, 2014 (&ldquo;<B>fiscal 2014</B>&rdquo;)<B> </B>represented a small portion
of G-III&rsquo;s consolidated revenues and earnings, we determined that the trends in revenues and earnings for the full fiscal
2014 year were not significantly impacted by the acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Our assessment of the materiality
of the G.H Bass acquisition showed that this acquisition was not material compared to the rest of the Company and did not alter
the trends in revenue and earnings presented to investors. We concluded that pro forma information would not have changed the financial
statement users&rsquo; assessment of the Company&rsquo;s overall results. As a result, we determined that the acquisition was not
material and that pro forma information with respect to the acquired business did not need to be included in our financial statements
for fiscal 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Note K &ndash; Segments, page F-23</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>We note your responses to our prior comments 2 through 7. Please provide us with the additional
information regarding your segments that we requested during our September 29, 2014 phone call.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><U>Response</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Based on our conversation on September
29, 2014, it is our understanding that the Staff would like more information on the day to day operating decisions made by the
CODM. Our organizational structure, which has evolved from our growth and acquisitions over the past few years, is not a simple
matrix with clearly evident segment managers. This makes it somewhat difficult to describe and align our organizational structure
with the applicable guidance relating to the determination of appropriate segments. Accordingly, we have provided further information
and descriptions of what our CODM considers in making operating decisions, assessing performance and allocating resources, and
submit the following for your consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Our retail segment&rsquo;s organization
and operation is far simpler than our wholesale business, as there is one retail segment manager who reports to the CODM. The retail
segment manager is responsible for the budgeting process and is compensated based upon the results of the segment. Our budgeting,
forecasting and internal reporting processes are done separately for the retail segment. Internal reports reflect our retail segment
operations, which are all on one separate accounting system, and operating results are evaluated at this level. The retail segment
budgeting process and compensation of the retail segment manager require approval of our CODM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Regarding the wholesale portion of
our business, we believe that our CODM, who is our CEO, oversees the entire wholesale business. Our wholesale business includes
our licensed and non-licensed product segments. As discussed in our prior letters, our wholesale business is far more complex than
our retail segment. Our licensed and non-licensed product segments are comprised of 57 product lines. Certain of our CODM&rsquo;s
functions regarding allocating resources and assessing performance are done at the combined wholesale level, while others are performed
at the separate licensed or non-licensed product segment level, as well as, in certain cases, the group or product line level.
For example, the budgeting process is performed for the entire wholesale portion of our business and approved by the CODM, and
resource allocation decisions related to expanding our wholesale business are performed at the licensed product segment and non-licensed
product segment level. On the other hand, assessment of performance with respect to compensation is far more complex. Compensation
is targeted at various levels within the organization, with some targeted at the product line level, some at the group level, while
others are at the wholesale level or at the consolidated level, dependent on the individual being assessed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The CODM&rsquo;s review of results,
the budgeting process and certain operating decisions focus on the wholesale business in total. There are also decisions being
made by the CODM at one level below our wholesale operations, primarily related to the management of longer term risk and growth
plans. These key decisions are primarily made at the licensed and non-licensed product segment levels. In our assessment of operating
segments, we considered that a number of operating activities and decisions for wholesale operations are made by the CODM at the
combined wholesale level, but given the significance of the activities and decisions made around resource allocation by the CODM
at the licensed and non-licensed product segment level, we determined that licensed and non-licensed products would be the appropriate
operating and reporting segments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Wholesale</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Our CODM reviews our financial information
formally in quarterly financial meetings and receives a monthly reporting package similar to the one previously supplementally
provided to the Staff in connection with our response letter dated March 28, 2014 (the &ldquo;Supplemental Information&rdquo;).
This package of over 200 pages is sent in complete form to certain executives and then parsed out to several product and administrative
leaders. There is no monthly meeting held to review these results. A package that is substantially the same is distributed on a
quarterly basis prior to a financial meeting with the CODM. The key areas of focus are the consolidated balance sheet (see page
9 of the Supplemental Information) and the results of our wholesale and retail businesses (see pages 11 and 12 of the Supplemental
Information). Our internal financial information presents the wholesale business on a combined basis as the back office operations
of our licensed and non-licensed product segments are integrated and have many shared processes, including distribution, IT, finance,
logistics, human resources, credit and collection, overseas quality control and sourcing. Our
retail segment does not share any of these processes with our wholesale business. In addition to the information provided at the
wholesale business level, certain information is also provided at the licensed and the non-licensed segment level. Any questions
from the CODM or the senior executive group as to the performance of wholesale and retail results are further investigated by the
finance group or the group managers. For example, questions by the CODM may lead to discussions of an unexpected change in sales
compared to a prior period or budget, changes in gross margin from the prior period or budget or other performance metrics including
selling, general and administrative expense increases in absolute dollars and in relation to sales. The CODM&rsquo;s formal quarterly
review is performed by income statement line item at the combined wholesale level and separately at the retail level. Balance sheet
items, such as accounts receivable, accrued returns, and inventory variances, are all reviewed and analyzed at the consolidated
wholesale level and separately at the retail level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">While our financial information package
includes product line information, our CODM does not make decisions at the product line level. Over half of the Company&rsquo;s
57 wholesale product lines are businesses that generated less than $25 million of sales revenue in fiscal 2014, each representing
just about 1% of total sales. In addition, our six largest product lines ranged from $85 to $160 million in sales in fiscal 2014
and each of these product lines represents less than 10% of our total sales. Our CODM is significantly not involved in allocating
resources at the product line level for the small or large product lines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The budget process is a bottom-up
approach, starting with the product line managers who develop their budgets based on their view of sales for the coming season
(considering the current order book, discussions with customers, historic activity trends and any special planned programs). These
product line budgets are aggregated at the group level and are reviewed by the corporate finance department. The finance group
challenges the budgets provided and asks questions of group and product line mangers. Finance also layers on centralized expenses
based on the prior year&rsquo;s trends and anticipated variances. For example, the need for additional warehouse capacity or increases
in warehouse staff will be considered based on the total volume of wholesale sales and the cost of using third party warehousing.
The product line and group information, along with centralized costs, is aggregated together at the wholesale level and presented
to the CODM for review. The CODM focuses his review of the budget by line item at the aggregate wholesale level. The CODM reviews
trends in sales, gross margin percentage expected to be achieved, selling, general and administrative expenses as a whole, and
also as a percentage of sales, and projected pre-tax income. The CFO and corporate finance team reviews the budget with the CODM
and answers questions regarding specific topics. They will also provide the CODM with additional details, on an as needed basis,
in order to support the assumptions made in creating the budget.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The CODM is in contact with senior
executive personnel at our major wholesale accounts. His interactions with our wholesale customers include discussions as to how the Company&rsquo;s overall portfolio
of products are performing, timeliness of shipments, issues regarding shipping compliance, freight chargebacks, overall markdown
support and opportunities for additional wholesale penetration with the Company&rsquo;s current portfolio of offerings. These conversations
are based on the aggregate wholesale business, as a number of these functions (e.g. shipping) are centrally operated and managed
for all of our wholesale business. Customer relationships, among other key relations, are not managed based on groups or product
lines that are sold to the customer, but are rather focused on overall customer satisfaction from a wholesale prospective. Additionally,
though items like markdowns are negotiated individually by product line managers, in dealing with executives of our major wholesale
customers, the CODM has discussions that have a more holistic view of G-III (from a total wholesale perspective). For example,
based on the information obtained from the credit department, he determined that certain customers were taking an aggressive stance
on operational chargebacks and based on negotiations with senior executives of our customers, the CODM was able to reach settlements
with respect to outstanding items and agreement upon how to deal with the issues on a go forward basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The CODM also oversees our foreign
office operations which are involved with product sourcing and quality control for the entire wholesale business. The foreign sourcing
operations manager (VP of Overseas Operations) reports directly to the CODM. The CODM will visit our overseas sourcing offices
at least once a year and usually several times a year. He was responsible for shifting production to China in the past, and is
currently driving the exploration of production and sourcing opportunities in other strategic countries. All major operational
and sourcing initiatives undertaken by the VP of Overseas Operations for the wholesale business are approved by the CODM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">From a back office perspective, wholesale
activities are integrated and encompass the same systems, processes and personnel supporting the entire wholesale operations, which
include the licensed and non-licensed product segments. The CODM is apprised of all major decisions in each area and has a working
knowledge of these activities. Warehouse and distribution operations for our wholesale business are located primarily in the New
Jersey area. Our warehouse, information technology and finance areas all have functional executive leadership who directly report
to the COO. The CODM is actively involved with each functional leader. Specifically, warehouse decisions include geographic location
and the use of third party contracted warehouses versus expanding and investing in controlled locations under long-term leases.
These types of operating decisions involving our CODM are made at the combined wholesale level. Information technology, which supports
our wholesale operations, is assessed for performance by the COO and CODM. Significant new systems are approved by the CODM. Credit
decisions are made at the customer level across the wholesale business and the CODM is involved with all larger credit issues and
certain smaller issues where he may have knowledge of or a relationship with a particular customer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>&nbsp;</I></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Licensed/ Non-Licensed</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">With regard to managing long term
risks, the Company&rsquo;s growth strategy and allocating resources, the CODM looks one level below the combined wholesale business
and considers the licensed and non-licensed product <B>s</B>egments. The licensed and non-licensed product segments have different
long term risk profiles and operating characteristics. In particular, in the licensed business, there is a risk that future sales
of a licensed product could be significantly reduced if the licensed brand has adverse publicity or other problems in the marketplace
or could cease if a license agreement is not renewed. Net sales of licensed products represented over 75% of our wholesale business
in fiscal 2014. Beyond the tenure and renewal risk associated to licenses, there are also other limitations including product categories,
distribution areas (e.g. geographies) and also distribution channels (e.g. limitations on sales to off price retailers).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The activities of our non-licensed
products segment consist of selling products under brands owned by G-III or under a private label brand owned by one of our customers.
The Company has complete discretion over owned product lines within this operating segment, from the design process to the choice
of the distribution channel (i.e. we do not need the approval of a licensor to sell product under our own brands wherever we want).
G-III is responsible for advertising or marketing to promote brands that it owns. Our private label business is developed in collaboration
with the retail customer and not a licensor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">These distinctions are a key factor
in the CODM&rsquo;s view of the wholesale business and overall management of its growth. We have been achieving our growth by differentially
investing in acquiring new brands, entering new license agreements and expanding our retail business. While our objectives are
strategic in nature, they are also part of our CODM&rsquo;s daily activities and comprise his key resource allocation decisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Accordingly, the CODM&rsquo;s three
main resource allocations decisions are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Should we buy a particular brand?</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Should we enter into a new license?</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>How much should we spend on store growth?</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The CODM utilizes the financial information
at the licensed and non-licensed products operating segment level to facilitate the decisions regarding the expansion of the wholesale
business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Since 2005, we have spent approximately
$300 million on acquisitions. We have made two acquisitions that now comprise our retail segment, acquired brands, acquired license
agreements and acquired expertise in new product categories. The funding for acquisitions has been and continues to be, by far,
the largest resource need for the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Throughout the course of the year
the specifics of time spent by our CODM in any one area can change, but our CODM spends a significant amount of time on potential
acquisitions which includes meetings with various investment bankers who are suggesting potential transactions,
discussions with various industry leaders about potential acquisition targets, negotiating terms of acquisitions with potential
acquisition targets, and performing due diligence on potential acquisition candidates. There are times when this work can take
up as much as 50% of a given day, given week or given month. The magnitude of time spent on potential acquisitions far outweighs
the time spent on successfully completed transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Another key resource allocation decision
involves entering into new license agreements. Licenses involve minimum commitments for royalties and advertising that are acceptable
to brand owners. Our aggregate total minimum royalty and advertising commitment during the term of outstanding licenses is over
$500 million and our royalty and advertising expenditure was over $130 million in fiscal 2014. It will be even larger in the current
fiscal year ending January 31, 2015. Entering into new license agreements also involves the addition of personnel and showroom
space to service the license.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Again it is important to acknowledge
that in addition to new licenses that have been entered into, the CODM spends significant time assessing potential new license
agreements. These opportunities arise from conversations with existing licensees, from contacts in the industry and directly from
brand owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">These resource allocation decisions
are made by the CODM and they have been driven by a desire to balance our dependence on the portfolio of owned brands and brands
we license from third parties, coupled with broadening our distribution base.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">With respect to our retail segment,
in addition to assessing the segment&rsquo;s performance, the CODM actively oversees the decisions relating to growing our store
base, which resulted in the Company spending  approximately $10 million in fiscal 2014 for organic store growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In prior correspondences the Staff
suggested that product lines or groups may be viewed as operating segments. With respect to product lines, although the CODM periodically,
on a case by case limited basis, assesses the performance of our 61 product lines, there are no significant resource allocation
decisions that he is involved with at the product line level. For the groups, the underlying compositions of the product lines
within the group has been subject to changes from year to year and include different type of products across the licensed and non-licensed
segments. Accordingly, we do not believe that our groups or product lines can be considered as operating segments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">While the CODM reviews operations
and assesses performance at the wholesale and retail level, he also devotes an important share of his time to define the Company&rsquo;s
strategy and allocate resources to implement it. These strategic decisions have a direct impact on the Company&rsquo;s operations
and are based on understanding the cash flows and revenues we receive from our licensed products, non-licensed products and retail
segments. As a result, we continue to believe that our operating and reportable segments of licensed products, non-licensed products
and retail are appropriate, given that the  evaluation of results and resource
allocation decisions are made by the CODM at this level. We believe this view is consistent with the objectives defined in ASC
280-10-10-1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company confirms that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 75pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 57pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the Company is responsible for the adequacy and accuracy of the disclosure
in the filing;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 57pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Staff comments or changes to disclosure in response to Staff comments
do not foreclose the Commission from taking any action with respect to the filing; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 57pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company may not assert Staff comments as a defense in any proceeding
initiated by the Commission or any person under the federal securities laws of the United States.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any member of the Staff has questions regarding
the foregoing, please do not hesitate to call or e-mail Neal S. Nackman at (212) 403-0654 or nealn@g-iii.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Neal S. Nackman</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Neal S. Nackman</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">cc:</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Eric West, Securities and Exchange Commission</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rufus Decker, Securities and Exchange Commission</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">James Giugliano, Securities and Exchange Commission</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Angela Halac, Securities and Exchange Commission</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Neil Gold, Esq., Fulbright &amp; Jaworski LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Manuel G. Rivera, Esq., Fulbright &amp; Jaworski LLP</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
