G-III Apparel Group, Limited (GIII - Snapshot Report) is the king of the retailers. This Zacks Rank #1 (Strong Buy) isn't showing any signs of a consumer slowdown as it recently surprised on earnings again and is expected to grow earnings by the double digits this year.

G-III makes apparel, including outerwear, dresses, sportswear, swimwear, women's suits, women's performance wear as well as footwear, luggage, women's handbags and cold weather accessories under many different brands including Calvin Klein, Karl Lagerfeld, Kenneth Cole, Cole Haan, Tommy Hilfiger, Jones New York, Jessica Simpson, Ivanka Trump, Ellen Tracy, Kensie, Levi's and Dockers.

It also has licenses with the NFL, NBA, MLB, NHL, Touch by Alyssa Milano and more than 100 US colleges and universities.

The company also owns several brands include Andrew Marc and Marc New York, Bass, GH Bass, Eliza J, Black Rivet and Jessica Howard.

It operates retail stores under the Wilsons Leather, Bass, GH Bass & Company, Vilebrequin and Calvin Klein Performance names.

Licensing Agreement with Karl Lagerfeld

On its recent first quarter conference call, G-III said it was on the lookout for further acquisitions or deals.

Not surprisingly, then, on June 8, G-III entered into a joint venture agreement with Karl Lagerfeld Group BV to develop the Karl Lagerfeld brand for the North American market.

Karl Lagerfeld has assigned the Karl Lagerfeld marks for all consumer products and apparel in the United States and Canada to G-III, except for eyewear, fragrance, cosmetics, watches, jewelry, and hospitality services which remain with Karl Lagerfeld.

In Mexico, the joint venture will be granted an exclusive, irrevocable, royalty-free license on the same products.

G-III has a 49% interest in the joint venture and has been granted a 5-year license, with two renewals of 5 years each, for women's apparel, women's handbags and men's outerwear.

The joint venture expects to grant additional licenses either to G-III or other manufacturers.

G-III has expertise in women's apparel and its handbag line has been performing well so this agreement fits squarely in its wheel house.

Another Beat in the Fiscal First Quarter

On June 2, G-III reported its fiscal first quarter results and beat the Zacks Consensus by $0.08. Earnings were $0.15 compared to the Consensus of $0.07.

Sales grew 18% to $433 million from $366.2 million a year ago.

Business was boosted by Calvin Klein and the dress business, including Eliza J and Vince Camuto. Eliza J was the number one dress brand in Nordstrom.

GH Bass same-store-sales were up 17% in the quarter year over year. G-III has cleared out the legacy inventory and has new products in the stores.

Wilson's first quarter comps were flat but that quarter is historically slow for that brand.

Vilebrequin, the luxury swimwear retailer, was most challenged as comps turned negative. G-III said it was seeing improvements in sales in May and that comps had turned positive.

Raised Full Year Guidance

GIII

In response, the analysts all raised guidance with 7 estimates rising over the last month.

The analysts are bullish. The Zacks Consensus jumped to $2.76, which is the high end of G-III's guidance range.

Shares At All-Time Highs

With all this good news, investors have been piling in. Shares recently touched new all-time highs.

Valuations are a little stretched. G-III trades with a forward P/E of 25, much higher than the average of the S&P 500 which is 18.2.

But you're buying the growth story. Earnings are expected to grow 21.5% in fiscal 2016 and another 16.4% in fiscal 2017.

For investors looking for a solid retail name, G-III Apparel is one to keep on the short list.