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From the press release:

G-III Apparel Group, Ltd. (NASDAQ: GIII) and Christian Casey LLC., owner of Sean John, today jointly announced the termination and transition of the Sean John junior women’s sportswear license back to Christian Casey LLC. G-III will continue to produce men’s and women’s outerwear under the Sean John label. G-III and Christian Casey LLC also announced that the women’s outerwear license had been extended by one year to December 31, 2010.

Morris Goldfarb, Chairman and Chief Executive Officer, said, “We are very pleased to continue to partner with Sean John and to be involved with the growth of the brand through our men’s and women’s outerwear collections. We continue to believe that the Sean John brand will support a sizable junior sportswear assortment. Despite the opportunity, we have reached a mutual decision that the line requires specific operational and financial commitments that would best be made by the Sean John organization.”

G-III noted that it would take a charge of approximately $0.03 per share on an after-tax basis in the current fourth quarter of fiscal 2008 in connection with the termination of its Sean John women’s sportswear license.

Sean “Diddy” Combs, founder and chairman of Sean John, said, “G-III has been an outstanding partner for our brand in the men’s and women’s outerwear category and we value our long term partnership with them. I would like to thank GIII and their incredible team for all of their work thus far in helping Sean John establish a presence in the women’s junior sportswear market and for the continuing excellence of their outerwear effort. But at this time, I have decided on another course for its future. We know there is a strong desire for the Sean John women’s sportswear because we have seen huge successes with our women’s outerwear and fragrance Unforgivable Woman, which launched in the top 10 in fall 2007. I look forward to announcing our plans for this collection very soon.”