G-III Apparel adds three new board members

G-III Apparel announced on Thursday the appointment of three new members to its board, taking its total board count to 14.

The owner the Karl Lagerfeld, Donna Karan and DKNY brands, among others, has appointed Dr. Joyce F. Brown, president of the Fashion Institute of Technology (FIT); Michael Shaffer, recently retired chief operating officer and chief financial officer of PVH Corp. and an external advisor to a number of fashion businesses; and Andrew Yaeger, global head of Jefferies’ Strategic Equity Transactions Group, to its board.

Brown has been president of FIT since 1998, and boasts 40 years of experience in public higher education. Before her position at FIT, she held numerous senior administrative posts at City University of New York (CUNY), including acting president of Bernard Baruch College and vice chancellor of the university. She was professor of Counseling Psychology at the Graduate School and University Center of CUNY, where she is currently a professor emerita. Brown also served as a New York City Deputy Mayor for Public and Community Affairs during the David Dinkins administration, and served on the board of Ralph Lauren Corporation from 2001 to 2020.

Shaffer spent over 30 years at PVH Corp. holding numerous positions in its wholesale and retail divisions before retiring in 2021. He was executive vice president, chief operating and financial officer of PVH Corp. from May 2006 until October 2021 where he oversaw the retail division, treasury, corporate finance, information technology and logistics services. He currently serves on the board of Torrid Corporation and The Children’s Place, Inc. and served on the board of Build-A-Bear Workshops from 2014 to 2019.

Likewise, Yaeger has been the global head of Jefferies’ Strategic Equity Transactions Group since mid-2021. From 2004 until 2021, he held various leadership roles within Deutsche Bank, including Global Head of the Strategic Equity Transactions Group. Prior to that, he held key positions in the Equity Capital Markets group of Deutsche Bank in the U.S., as well as in their Structuring Group that worked across equity, credit, interest rates and foreign currencies. Prior to Deutsche Bank, he worked at Bear Stearns in investment banking and derivatives for five years.

“We are pleased with the additions of Joyce, Mike and Andrew to our board of directors and are looking forward to working with them,” ​said Morris Goldfarb, G-III’s chairman and chief executive officer.

“Joyce’s understanding of fashion and the evolution of the industry, Mike’s financial acumen and extensive knowledge of our business model and Andrew’s broad experience in the equity and debt markets in both the U.S. and abroad will bring added experience and expertise that will complement our existing board members and management team. As we look to the future of G-III, I am excited to continue to bring in new perspectives, talent, diversity and ideas that will support our growth.”

Earlier this month, G-III Apparel announced sales for its first quarter fell 11.9% to $606.6 million, coinciding with a dive in net earnings for the three months. The firm also revealed a new licensing deal with the Halston brand.