LVMH Moët Hennessy Louis Vuitton sold the Marc Jacobs brand to brand management firm WHP Global. This transaction ends a partnership that began in 1997 when LVMH acquired a majority stake. The companies did not disclose the financial details of the sale.
Marc Jacobs will continue in his role as Creative Director to ensure brand continuity. WHP Global expects its annual global retail sales to exceed $9.5 billion following the acquisition. The firm's portfolio already includes brands such as Vera Wang and Rag & Bone.
G-III Apparel Group is partnering with WHP Global in the ownership. G-III will manage the brand's direct-to-consumer and wholesale operations.