LVMH Ends 30-Year Partnership, Sells Marc Jacobs to WHP Global
Luxury conglomerate LVMH Moët Hennessy Louis Vuitton announced on Thursday that it has reached a definitive agreement to sell the Marc Jacobs brand to brand management firm WHP Global. This marks the end of a nearly 30-year partnership that began in 1997. The financial terms of the transaction were not disclosed.
Marc Jacobs will maintain his role as the creative director of his namesake brand, ensuring continuity for the label’s vision and runway collections. WHP Global will partner with G-III Apparel Group in a joint venture to own and operate the brand. G-III is set to invest approximately $500 million in the acquisition.
Bernard Arnault, LVMH chairman and CEO, lauded Jacobs as “a designer of rare creativity and unique vision”, expressing gratitude for his contributions over three decades. Jacobs reciprocated the sentiment, stating, “I am forever grateful to Bernard Arnault for his support, belief, and trust in me over the last 30 years.”
The Marc Jacobs brand, founded in 1984, is globally recognized for its distinctive designs across various categories, including:
- Handbags
- Leather goods
- Ready-to-wear
- Footwear
- Eyewear
- Fragrance
At WHP Global, the brand will join labels such as Vera Wang and Rag & Bone, pushing the company’s annual retail sales beyond $9.5 billion. The transaction is expected to close before the end of the year, subject to customary regulatory approvals.
Source: Bloomberg