<PAGE>

                                   FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


[ X ]           QUARTERLY REPORT PURSUANT TO SECTION 13 OF 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly period ended                             April 30, 1995
                           
                                       OR

[ ]            TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                       to                 
                                                              
Commission File Number                             0-18183              
                              
                           G-III APPAREL GROUP, LTD.
          (Exact of name of registrant as specified in its character)


            Delaware                                           41-1590959 
(State or other jurisdiction of                             (I.R.S. Employer
  incorporation or organization)                             Identification No.)

345 West 37th Street, New York, New York                        10018 
(Address of Principal Executive Office)                       (Zip Code)

                                     (212) 629-883
              (Registrant's telephone number, including area code)

- --------------------------------------------------------------------------------
              (Former name, former address and former fiscal year,
                         if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed  by  Section  13 or 15 (d) of the  Securities  Exchange  Act of 1934
during the preceding 12 months (or for such shorter  period that the  registrant
was  required  to file such  reports),  and (2) has been  subject to such filing
requirements for the past 90 days.

Yes     XX                 No                     
   ---------                 --------
Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of June 1, 1995.

Common Stock, $.01 par value per share:      6,459,381      shares.







<PAGE>



Part I          FINANCIAL INFORMATION                                   Page No.


  Item 1.   Financial Statements *

            Consolidated Balance Sheets -
                 January 31, 1995 and April 30, 1995.......................3

            Consolidated Income Statements -
                 For the Three Months Ended
                 April 30, 1994 and 1995...................................4
                
            Consolidated Statements of Cash Flows -
                 For the Three Months Ended
                 April 30, 1994 and 1995...................................5


            Notes to Financial Statements..................................6


  Item 2.   Management's Discussion and Analysis of 
            Financial Condition and Results of
            Operations...................................................7-8





*    The  Balance  Sheet at January  31,  1995 has been  taken from the  audited
     financial  statements  at that date.  All other  financial  statements  are
     unaudited.
























                                                       - 2 -



<PAGE>

                   G-III APPAREL GROUP, LTD. AND SUBSIDIARIES

                          CONSOLIDATED BALANCE SHEETS

                                 (in thousands)


<TABLE>
<CAPTION>
                                                          JANUARY 31,  APRIL 30,
ASSETS                                                       1995        1995
                                                                     (unaudited)      
<S>                                                         <C>          <C>
Current Assets:
     Cash and Cash Equivalents                              $ 1,421      $   411
     Accounts Receivable - Net                               13,414        4,704
     Inventories - Net                                       25,532       29,187
     Prepaid and Refundable Income Taxes                      4,204        6,145
     Prepaid Expense and Other Current Assets                   466          782
                                                            --------    --------
           Total Current Assets                              45,037       41,229
                                                            --------    --------

Property, Plant and Equipment at Cost - Net                   7,015        7,060
Deferred Income Taxes                                         1,717        1,717
Other Assets                                                    803          884
                                                            --------    --------
                                                            $54,572      $50,890
                                                            --------    --------
                                                            --------    --------

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
     Bankers' Acceptances and Notes Payable                 $12,907      $12,685
     Current Maturities of Capital Leases                       573          573
     Accounts Payable                                         3,947        4,190
     Accrued Expenses                                         2,152        1,732
     Accrued Nonrecurring Charges                             2,856        2,728
                                                            --------    --------
           Total Current Liabilities                         22,435       21,908

Obligations Under Capital Leases                              1,479        1,359
Nonrecurring Charges - Long-Term                                557          557

Stockholders' Equity:
     Preferred stock, 1,000,000 shares authorized;
       no shares issued and outstanding
     Common Stock, $.01 par value: authorized,
       20,000,000 shares; issued and outstanding,
       6,459,381 shares on January 31, 1995 and on
       April 30, 1995                                            65           65
     Additional Paid-in capital                              23,603       23,603
     Retained Earnings                                        6,433        3,398
                                                            --------    --------
                                                             30,101       27,066
                                                            --------    --------
                                                            $54,572      $50,890
                                                            --------    --------
                                                            --------    --------
</TABLE>


See Accompanying Notes to Financial Statement.




                                                        -3-



<PAGE>

                   G-III APPAREL GROUP, LTD. AND SUBSIDIARIES

                         CONSOLIDATED INCOME STATEMENTS
               (in thousands, except share and per share amounts)


<TABLE>
<CAPTION>

                                                      THREE MONTHS ENDED 
                                                -------------------------------
                                                            APRIL 30,
                                                   1994      (000'S)      1995
                                                   ----    (unaudited)    ----
<S>                                              <C>                <C>
Net Sales                                        $    20,157        $     8,841

Commission Income                                                           434
                                                 -----------        -----------
       Net Sales and Revenues                         20,157              9,275

Cost of Goods Sold                                    18,599              8,584
                                                 -----------        -----------

       Gross Profit                                    1,558                691

Selling, General and
   Administrative Expenses                             6,356              5,343
                                                 -----------        -----------

       Operating Loss                                 (4,798)            (4,652)

Interest and Financing Charges, Net                      489                406
                                                 -----------        -----------

       Loss Before Taxes                              (5,287)            (5,058)

Income Taxes (Benefit)                                (2,357)            (2,023)
                                                 -----------        -----------

       Net Loss                                  $    (2,930)       $    (3,035)
                                                 -----------        -----------
                                                 -----------        -----------

Loss per common share:

Primary;
  Net Loss per common share                      $      (.45)       $      (.47)
                                                 -----------        -----------
                                                 -----------        -----------

  Weighted average number of
   shares outstanding                              6,495,557          6,459,381
                                                 -----------        -----------
                                                 -----------        -----------

Fully Diluted;
  Net Loss per common share                      $      (.45)       $      (.47)
                                                 -----------        -----------
                                                 -----------        -----------

  Weighted average number of shares
   outstanding                                     6,495,557          6,459,381
                                                 -----------        -----------
                                                 -----------        -----------
</TABLE>


See Accompanying Notes to Financial Statements.








                                                        -4-



<PAGE>

                   G-III APPAREL GROUP, LTD. AND SUBSIDIARIES

                     CONSOLIDATED STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                                            THREE MONTHS ENDED
                                                         -----------------------
                                                                APRIL 30,
                                                         -----------------------
                                                         1994               1995
                                                         ----               ----
                                                                  (000's)               
                                                                (unaudited)
<S>                                                     <C>            <C>
Cash Flows from Operating Activities:
    Net Loss                                            $ (2,930)      $ (3,035)
    Adjustments to Reconcile Net Income:
       Depreciation and Amortization                         326            255
Changes in Operating Assets and Liabilities:
    Accounts Receivable                                    3,444          8,710
    Inventory                                            (13,232)        (3,655)
    Prepaid and Refundable Income Taxes                   (2,515)        (1,941)
    Prepaid Expenses                                      (1,293)          (316)
    Other Assets                                              47            (81)
    Accounts Payable and Accrued Expenses                  2,188           (177)
    Accrued Nonrecurring Charge                                            (128)
                                                         --------       --------
                                                         (11,035)         2,677
                                                         --------       --------

Net Cash (Used in) Operating Activities                  (13,965)          (368)
                                                         --------       --------
Cash Flows for Investing Activities:
    Capital Expenditures                                    (205)          (300)
    Investment in Joint Venture                             (249)
                                                         --------       --------
Net Cash (Used in) Investing Activities:                    (454)          (300)
                                                         --------       --------

Cash Flows from Financing Activities:
    Borrowings under bankers' acceptances and notes       31,399          3,321
    Repayments of bankers' acceptances and notes         (16,400)        (3,543)
    Proceeds from capital lease obligations                1,053
    Payment of capital lease obligations                    (117)          (120)
                                                         --------       --------
Net Cash Provided by Financing Activities                 15,935           (342)
                                                         --------       --------

Net Increase (Decrease) in Cash                            1,516          (1010)

Cash at Beginning Period                                     833          1,421
                                                         --------       --------

Cash at End of Period                                   $  2,349       $    411
                                                         --------       --------
                                                         --------       --------

Supplemental Disclosures of Cash Flow Information
    Cash Paid During the Period for:
         Interest                                       $    581       $    238
         Income Taxes                                   $     32       $      2
</TABLE>



See Accompanying Notes to Financial Statements.







                                                       -5 -



<PAGE>

                   G-III APPAREL GROUP, LTD. AND SUBSIDIARIES


                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Note 1 - General Discussion

The results for the quarter ended April 30, 1995 are not necessarily  indicative
of the results expected for the entire fiscal year. The  accompanying  financial
statements  included  herein are unaudited.  In the opinion of  management,  all
adjustments  (consisting of only normal recurring  adjustments)  necessary for a
fair  presentation  of the financial  position,  results of operations  and cash
flows for the interim periods presented have been reflected.

The  accompanying  financial  statements  should be read in conjunction with the
financial statements and notes included in the Company's Form 10K filed with the
Securities and Exchange Commission for the year ended January 31, 1995.

Note 2 - Inventories

<TABLE>
<CAPTION>
                                                        January 31,    April 30,
    Inventories consist of:                                1995          1995
                                                           ----          ----
<S>                                                       <C>            <C>
    Finished products                                     $23,107        $22,068
    Work-in-process                                            52            214
    Raw materials                                           2,373          6,905
                                                          -------        -------
                                                          $25,532        $29,187
                                                          -------        -------
                                                          -------        -------
</TABLE>


Note 3 - Net Earnings Per Common Share

Net earnings per common share is based on the weighted  average number of common
shares and common  share  equivalents  during each of the  periods.  Primary and
fully  diluted  earnings per share  include the dilutive  effect of  unexercised
stock options.

Note 4 - Bankers' Acceptances and Notes Payable

The  Company  has a loan  agreement  with three  banks for  $48,000,000  through
January 30, 1996 and  $40,000,000  through May 31,  1996,  of which  $40,000,000
through January 30, 1996 and  $32,000,000  through May 31, 1996 is available for
direct  borrowings  and the unused  balance for  letters of credit.  All amounts
available for borrowings are subject to borrowing base formulas.

Note 5 - Nonrecurring Charges

As of the year ended January 31, 1995, the   Company had a remaining reserve  of
approximately  $3.4 million related to a cost reduction  program.  The status of
the components of the provision at the end of the period was:


<TABLE>
<CAPTION>
                                            Balance          1995        Balance
                                       January 31, 1995    Activity   April 30, 1995
                                       ----------------    --------   --------------
<S>                                          <C>           <C>           <C>
Disposal of Asian Facility                   $ 2,500       $             $ 2,500
Shut down of Domestic Facilities                 779           (60)          719
Severance and related costs                      334           (68)          266
                                             -------       --------      -------
                                             $ 3,413       $  (128)      $ 3,285
                                             -------       --------      -------
                                             -------       --------      -------

</TABLE>



                                                        -6-



<PAGE>

I
tem 2. Management's  Discussion and Analysis of Financial Condition and Results
of Operations.

Results of Operations

Net sales and  revenues  for the quarter  ended April 30, 1995 were $9.3 million
compared to $20.2  million for the same quarter  last year.  The decrease in net
sales during the quarter was primarily due to lower sales in the Womens  Leather
($6.8  million) and JL Colebrook  ($2.1 million)  divisions.  The unusually warm
fall season in 1994 left retailers in an  overstocked  position and continued to
cause weak demand for outerwear  apparel  during this quarter.  Additionally,  a
decrease  in net sales of $2.9  million  during the  quarter  resulted  from the
recognition  by the  Company of only  commission  income of  $434,000 on certain
types of sales where the Company's customers provide letters of credit which are
transferred  by the Company  directly to  overseas  manufacturers.  Prior to the
quarter  ended July 31, 1994,  the  customer  provided a letter of credit to the
Company  and  the  Company  opened  a  letter  of  credit  to the  manufacturer.
Accounting  rules require the Company to recognize only  commission  income with
respect to transactions  where the Company does not open a letter of credit. The
Company expects that it will increasingly  utilize this type of letter of credit
transaction which results in lower net sales.

Gross profit was $691,000 for the quarter ended April 30, 1995,  compared to the
$1.6 million in the same quarter last year.  Gross profit as a percentage of net
sales and revenues was 7.5% for the quarter ended April 30, 1995, slightly lower
than 7.7% for the comparable  quarter last year.  While the change in the use of
certain letters of credit to transact sales did not impact gross profit dollars,
it did affect gross profit as a percentage  of net sales and revenues  since net
sales and revenues  recognized from such transactions was lower. Had the Company
recognized  the full amount of such  sales,  gross  profit for the three  months
ended  April 30,  1995  would  have been  5.8% of net  sales and  revenues.  The
decrease in the gross  profit  percentage  was a result of certain  period costs
included in cost of goods sold being spread over lower net sales and revenues.

Selling,  general and  administrative  expenses of $5.3  million for the quarter
ended  April 30,  1995 were  approximately  $1.0  million  less than in the same
period last year. As a percentage of net sales and  revenues,  selling,  general
and  administrative  expenses were 57.6% in this quarter  compared to 31.4% last
year.  The increase as a percentage  of net sales and revenues was the result of
lower  reported net sales and revenues as described  above.  The lower  selling,
general and  administrative  expenses were the result of the implementation of a
cost reduction  program which began in the second half of the prior fiscal year.
The  Company is  continuing  to monitor  and reduce  expense  levels and expects
selling,  general and  administrative  expenses to continue to decrease  for the
reminder of the year, compared to last year, as a result of this program.





















                                                        -7-



<PAGE>

Interest  expense of $406,000 was $83,000  lower in the quarter  ended April 30,
1995, compared to interest expense of $489,000 in the same period last year. The
decrease is attributable  to lower  borrowing  levels as a result of the Company
maintaining  lower levels of inventory,  which more than offset higher  interest
rates.

Income tax benefit of $2.0 million  reflects an  effective  tax rate of 40%. for
the  quarter  ended  April 30,  1995,  compared to an income tax benefit of $2.4
million which reflects an effective tax rate of 44.6% in the  comparable  period
in the prior year. The decreased effective tax rate for the current year results
from the  anticipated  lower  provision for state and local taxes due to the tax
loss carry forward from the prior year.

As a result of the  foregoing,  for the three month period ended April 30, 1995,
the Company had a net loss of $3.0 million, or $.47 per share, compared to a net
loss of $2.9 million, or $0.45 per share, for the comparable period in the prior
year.

Liquidity and Capital Resources

As of June 13,  1995,  the Company  entered  into an amended and  restated  loan
agreement with its three banks.  This amended loan agreement,  which expires May
31, 1996,  provides for a  collateralized  working  capital line of credit for a
maximum amount of $48 million  through  January 30, 1996 (reduced to $40 million
commencing  January 31, 1996), of which a maximum of $40 million (reduced to $32
million  commencing January 31, 1996) is available for direct borrowings and the
unused balance for letters of credit.  All amounts  available for borrowings are
subject to borrowing base formulas and overadvances specified in the agreement.

Direct  borrowings  bear  interest at the  agent's  prime rate (9% as of June 1,
1995) plus 2%. All borrowings are  collateralized  by the assets of the Company.
The loan  agreement  requires the Company,  among other  covenants,  to maintain
certain  earnings and tangible net worth  levels,  and prohibits the payments of
cash  dividends.  As of April 30,  1995,  there was $9.4  million of  borrowings
outstanding and approximately  $16.3 million of contingent  liability under open
letters of credit.  The amount borrowed under the line of credit varies based on
the Company's  seasonal  requirements.  The amended loan  agreement  reduced the
maximum credit line  available to the Company.  The Company is planning to carry
lower levels of inventory in the current  fiscal year compared to the prior year
and, as a result,  believes  that this  facility  will be sufficient to meet its
working  capital  needs.  Inventories  as of April 30,  1995 were $29.2  million
compared to $51.6 million as of April 30, 1994.

The Company's  majority-owned  Indonesian subsidiary has a line of credit with a
bank for  approximately  $3.5  million  which  is  supported  by a $2.0  million
stand-by letter of credit issued under the Company's loan agreement. As of April
30, 1995,  the borrowing by the Indonesian  subsidiary  under its line of credit
approximated $3.3 million.

















                                                        -8-


<PAGE>

 
                                  SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                                              G-III APPAREL GROUP, LTD.
                                                     (Registrant)




Date:    June 14, 1995                         By: /s/ Morris Goldfarb
                                                   -----------------------------
                                                   Morris Goldfarb
                                                   President and Chief
                                                   Executive Officer


Date:    June 14, 1995                         By: /s/ Alan Feller
                                                   -----------------------------
                                                   Alan Feller
                                                   Chief Financial Officer,
                                                   Treasurer, and Secretary
                                                                      







<TABLE> <S> <C>

<ARTICLE>                              5
<MULTIPLIER>                           1000
       
<S>                                    <C>
<FISCAL-YEAR-END>                      JAN-31-1996
<PERIOD-END>                           APR-30-1995
<PERIOD-TYPE>                                3-MOS
<CASH>                                         411
<SECURITIES>                                     0
<RECEIVABLES>                                4,704
<ALLOWANCES>                                     0
<INVENTORY>                                 29,187
<CURRENT-ASSETS>                            41,229
<PP&E>                                       7,060
<DEPRECIATION>                                   0
<TOTAL-ASSETS>                              50,890
<CURRENT-LIABILITIES>                       22,508
<BONDS>                                          0
<COMMON>                                        65
<PREFERRED-MANDATORY>                            0
<PREFERRED>                                      0
<OTHER-SE>                                  27,001
<TOTAL-LIABILITY-AND-EQUITY>                50,890
<SALES>                                      8,841
<TOTAL-REVENUES>                             9,275
<CGS>                                        8,584
<TOTAL-COSTS>                                    0
<OTHER-EXPENSES>                             5,343
<LOSS-PROVISION>                                 0
<INTEREST-EXPENSE>                             406
<INCOME-PRETAX>                             (5,058)
<INCOME-TAX>                                (2,023)
<INCOME-CONTINUING>                              0
<DISCONTINUED>                                   0
<EXTRAORDINARY>                                  0
<CHANGES>                                        0
<NET-INCOME>                                (3,035)
<EPS-PRIMARY>                                 (.47)
<EPS-DILUTED>                                 (.47)
        




</TABLE>