It’s the end of an era — a 29-year-long one. On Thursday, LVMHannounced it had entered into a definitive agreement to sell the Marc Jacobs brand to WHP Global, the firm behind labels including Vera Wang, Rag & Bone and G-Star. G-III Apparel Group will also join WHP Global in ownership of the brand through a newly formed joint venture. Financial terms of the deal were not disclosed.
In a statement, Bernard Arnault, chairman and CEO of LVMH, called Jacobs “a designer of rare creativity and unique vision,” while Jacobs thanked Arnault and the LVMH group: “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,” he wrote on Instagram.
As for Jacobs, he’s not going anywhere. The designer will remain in his role as founder and creative director following the transaction, continuing to oversee the brand’s runway collections. “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,” he continued.
For WHP Global, the acquisition represents one of its largest fashion deals to date. According to the New York-based company, the addition of Marc Jacobs will push its portfolio to more than $9.5 billion in global retail sales. Meanwhile, G-III’s involvement underscores the company’s goals beyond licensed apparel. It’s best known for a portfolio of owned and licensed brands, including DKNY, Donna Karan and Karl Lagerfeld.
The move comes at an interesting moment for the brand itself. Marc Jacobs has recently seen a boost in cultural relevance, particularly among younger consumers, through buzzy runway shows, the ongoing Y2K resurgence and its sub-label Heaven by Marc Jacobs. The designer is also set to revive his beloved makeup line, Marc Jacobs Beauty, after Kendo Brands (under the LVMH umbrella) discontinued it in 2021. The brand will return under a long-term licensing agreement with Coty Inc.
