Summary of G III APPAREL GROUP LTD /DE/

Item 8.01 Other Events.
Management of G-III Apparel Group, Ltd. ("G-III") has decided to implement a number of cost cutting measures in order to proactively deal with the economic uncertainties with respect to the upcoming fiscal year that begins on February 1, 2009. As part of that effort, G-III has eliminated its 401(k) match plan with respect to the fiscal year ending January 31, 2009, and, on January 28, 2009, management recommended to the Compensation Committee of the Board of Directors that G-III implement a cash compensation reduction program that will be effective for the six-month period commencing on February 1, 2009. The cash compensation reduction program effective for the six month period commencing on February 1, 2009, as approved by the Compensation Committee, consists of the following:
(a) Morris Goldfarb. The base salary of Morris Goldfarb, the Chairman of the Board and Chief Executive Officer of G-III, will be reduced by 20% from $1,000,000 per year to $800,000 per year. An amendment to Mr. Goldfarb's employment agreement, entered into on January 28, 2009 and reflecting this salary reduction, is filed herewith as Exhibit 10.1.
(b) Sammy Aaron. The base salary of Sammy Aaron, the Vice Chairman of G-III and President of G-III's Marvin Richards Division, will be reduced by 20% from $750,000 per year to $600,000 per year. An amendment to Mr. Aaron's employment agreement, entered into on January 28, 2009 and reflecting this salary reduction, is filed herewith as Exhibit 10.2.
(c) Wayne S. Miller and Jeanette Nostra. The base salaries of Wayne S. Miller, the Chief Operating Officer and Secretary of G-III, and Jeanette Nostra, President of G-III, will each be reduced by 20% from $500,000 per year to $400,000 per year.
(d) Neal S. Nackman. The base salary of Neal S. Nackman, the Chief Financial Officer and Treasurer of G-III, will be reduced by 10%, from $325,000 per year to $292,500 per year.
(e) Other executives. The base salaries of two other division presidents will be reduced by 20%.
(f) Non-employee directors. All cash compensation (excluding expense reimbursements) to which G-III's non-employee directors are entitled under G-III's existing compensation arrangements for non-employee directors will be reduced by 20%.

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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.

     10.1         Amendment, dated as of January 28, 2009, to Employment Agreement
                  between G-III Apparel Group, Ltd. and Morris Goldfarb.

     10.2         Amendment, dated as of January 28, 2009, to Employment Agreement
                  between G-III Apparel Group, Ltd. and Sammy Aaron.

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