LVMH is parting ways with Marc Jacobs. The world’s leading luxury group has reached a definitive agreement with WHP Global, which is acquiring the designer’s House.
LVMH and Marc Jacobs are officially over. Bernard Arnault’s group has just sold its stake to WHP Global, a company specializing in brand management. The luxury leader first acquired a stake in the House in 1997 and has since invested in developing its strategy, collections, and sales.
“Marc Jacobs is a designer of rare creativity and unique vision. His impact on the fashion world is undeniable, and I would like to warmly thank him for his contribution to the success of the House and the LVMH group over the past 30 years. I am convinced that this new chapter will open new opportunities for Marc Jacobs, and that both the brand and its creator will continue to inspire customers and designers around the world,” said Bernard Arnault, Chairman and CEO of LVMH.
“It has been an honor and a privilege to work alongside the Arnault family and LVMH”
Although the brand founded in 1984 is changing ownership, designer and founder Marc Jacobs will remain Creative Director.
“I will be forever grateful to Bernard Arnault for his support, trust, and faith in me over the past 30 years. It has been an honor and a privilege to work alongside the Arnault family and LVMH. I remain fully committed to my role as Creative Director of Marc Jacobs International and look forward to this promising new chapter,” he said in a statement.
Objective: surpass $9.5 billion
With the acquisition of Marc Jacobs, WHP Global is strengthening its premium fashion division, which already includes brands such as Vera Wang, Rag & Bone, and G-STAR. The deal will allow the American group to exceed $9.5 billion in global retail sales.
G-III Apparel Group will also participate in the acquisition and will take over part of the brand’s distribution and direct-to-consumer operations.
Together, WHP Global and G-III intend to accelerate Marc Jacobs’ international expansion by combining WHP’s licensing platform with G-III’s operational expertise. The transaction is expected to be completed by the end of the year, subject to customary closing conditions.
Founded in 2019 and based in New York, WHP Global owns 15 fashion, sports, and consumer goods brands and generates $8.5 billion in annual sales across more than 80 countries. Meanwhile, G-III Apparel Group owns and operates under license a portfolio of more than 30 brands, including DKNY, Donna Karan, Karl Lagerfeld, Sonia Rykiel, and Vilebrequin, as well as Calvin Klein, Tommy Hilfiger, and Levi’s.
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Featured photo : Marc Jacobs
