.jpg "LVMH to Sell Marc Jacobs to WHP Global")
LVMH is selling Marc Jacobs to WHP Global, the parent company of Vera Wang and Rag & Bone, for an undisclosed amount, the two companies announced on Thursday.
By buying Marc Jacobs, WHP Global, a New York-based brand-management firm, is adding a crown jewel to a portfolio that includes G-Star, Joe’s, Express, and Vera Wang.
G-III Apparel Group, which bought Donna Karan from LVMH in 2016, will join with WHP Global in its ownership of the Marc Jacobs brand. G-III will also acquire and operate certain parts of the brand’s global direct-to-consumer and wholesale businesses. “Together, WHP Global, G-III and Marc Jacobs will accelerate the brand’s next phase of growth through WHP Global’s licensing platform and G-III’s best-in-class operating capabilities,” the press release reads.
“Marc Jacobs is a designer of rare creativity and unique vision,” LVMH chair and CEO Bernard Arnault said in a statement on Thursday. “His impact on the world of fashion is undeniable, and I want to warmly thank him for his contribution to the success of the maison and the LVMH Group over the last 30 years. I am confident that this new chapter will offer new avenues of opportunity for Marc Jacobs, that the brand and its designer will continue to inspire customers and creators around the world.”
With the addition of the Marc Jacobs brand, WHP Global will surpass $9.5 billion in global retail sales, according to the press release.
Following the closing of the transaction, Marc Jacobs will continue in his role as founder and creative director, ensuring continuity of the brand’s vision, runway collections, and fashion shows.
“When I met with Yehuda Shmidman [WHP Global chair and CEO] it was abundantly clear that his respect, admiration, appreciation and love for the house we built was genuine and sincere (and by we, I mean all of us),” Jacobs posted on Instagram. “As I continue on my journey as creative director, I want to express my indebtedness to all of the passionate, hardworking, devoted, creative and talented teams of people at Marc Jacobs International…I am forever grateful to Bernard Arnault for his support, belief and trust in me over the last 30 years. It has been an honor and privilege to work alongside the Arnault family and LVMH.”
The Marc Jacobs brand was founded in 1984 by Jacobs and his business partner Robert Duffy. In 1997, after Jacobs was appointed the first creative director of Louis Vuitton, LVMH acquired a majority stake in the business.
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