A New York based apparel company has already found success on Tuesday morning after it was announced a master licensing partnership with G-III Apparel Group, Ltd. (Nasdaq:GIII). Under the new agreement, G-III will design and produce all categories and distribute products globally for the Halston business and all of its brands.

Traders were eager to get their hands on shares of Xcel Brands Inc. (Nasdaq:XELB) after the announcement, with shares currently bid up at $1.00/share (+17.30% implied open for sellers) at the time of writing. This move will be a strong continuation of the success this stock has seen since the start of May.

Xcel Brands Inc is a media and brand management company. It is primarily engaged in the design, merchandising and planning, sourcing and production, licensing, marketing, and brand development. The company offers branded apparel, footwear, accessories, jewelry, home goods, and other consumer products. Its brand portfolio consists of the Isaac Mizrahi, Judith Ripka, H Halston, C Wonder, and the Highline Collective brands. The company licenses its brands to third parties, provides certain design, production, and marketing services, and generates licensing, design, and service fee revenues through contractual arrangements and other agreements.