Just one year after designer Donna Karan stepped down from her namesake label,  LVMH announced it would be selling Donna Karan International to New York apparel group G-III.

G-III, the $2.4 billion diversified apparel company, is manufacturing and licensing company that holds licenses for Calvin Klein, Tommy Hilfiger, Karl Lagerfeld, Ivanka Trump, Marc New York, Levi’s and more. G-III also operates retail stores under the Wilsons Leather, Bass, G.H. Bass & Co., Vilebrequin and Calvin Klein Performance names.

Through its team sports business, G-III has licenses with the National Football League, National Basketball Association, Major League Baseball, National Hockey League and more.

Shares of LVMH rose 1 percent after the announcment. The French giant had acquired DKI in 2001 for $643 million and sold it now for $650 million. The deal is expected to close late 2016 or early 2017

“We believe the DKNY brand has a dynamic position in the market, and when G-III approached us about acquiring the brand, we concluded that the time was right and that G-III was the right steward going forward, ” Toni Belloni, managing director at LVMH, said in a statement.

Morris Goldfarb, chairman, chief executive officer and president of G-III said, “Donna Karan International is an iconic global fashion company. Its lifestyle aesthetic resonates well with consumers throughout the world. We are excited to build upon its strong foundation as we seek to capitalize on a significant market opportunity. Donna Karan brings increased scale and diversification, while providing incremental growth on top of our portfolio of some the best fashion brands in the world. We believe we are well positioned to create and sustain additional value for our shareholders, partners and customers.”

The sale could be exciting opportunity for the DKNY, and a revival of the Donna Karan label.