XML 34 R21.htm IDEA: XBRL DOCUMENT v3.22.1
Sonia Rykiel Acquisition
12 Months Ended
Jan. 31, 2022
Business Combinations [Abstract]  
Sonia Rykiel Acquisition

NOTE 15 — SONIA RYKIEL

In October 2021, the Company purchased all of the issued and outstanding shares of European luxury fashion brand Sonia Rykiel. Sonia Rykiel, who created this iconic brand, was one of the leading figures of Parisian fashion. The Company plans to accelerate the relaunch of the brand in France in the fall of 2022, and then expand into Europe and other areas. The Company believes this purchase further enables it to expand into the luxury space and that there is untapped potential for this brand.

The Sonia Rykiel acquisition, which was immaterial, was accounted for under the acquisition method of accounting. Accordingly, the purchase price was allocated to the acquired assets based on their estimated fair values. The operating results for Sonia Rykiel are included in the Company’s consolidated financial statements beginning in the fourth quarter of fiscal 2022 from the effective date of the Sonia Rykiel acquisition.