LVMH is selling the Marc Jacobs label to brand management firm WHP Global, ending nearly three decades of ownership.
The companies said they have entered into a definitive agreement, although financial terms were not disclosed.
Designer Marc Jacobs will remain founder and creative director of the brand, continuing to oversee its creative direction, runway collections and fashion shows.
As part of the deal, G-III Apparel Group will partner with WHP Global in the ownership structure. G-III will operate parts of the brand’s direct-to-consumer and wholesale businesses, while WHP Global will manage licensing operations.
The acquisition adds another major fashion name to WHP Global’s growing portfolio, which already includes Toys R Us, Babies R Us, Express, Rag & Bone, Vera Wang and Lands’ End. WHP Global said the addition of Marc Jacobs is expected to push its portfolio above $9.5 billion in global retail sales.
“The acquisition of the Marc Jacobs brand from LVMH marks a defining moment for WHP Global as we welcome one of fashion’s most influential brands into our portfolio,” said Yehuda Shmidman, founder and CEO of WHP Global.
Marc Jacobs International launched in 1984 and became one of the defining names in modern American fashion. Jacobs’ 1993 “Grunge Collection” for Perry Ellis — inspired by the alternative music scene of the era — helped redefine runway fashion by blending luxury with streetwear influences, despite leading to his departure from the brand.
LVMH acquired a majority stake in Marc Jacobs in 1997, the same year the label opened its first store in New York’s SoHo district.
In a statement, Bernard Arnault described Jacobs as “a designer of rare creativity and unique vision” whose influence on the fashion industry has been “undeniable.”
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