Marc Jacobs sale finalised

The sale was originally announced in May. Following the closing of the transaction, founder Marc Jacobs will continue in his role as creative director of the eponymous brand he launched in 1984, with LVMH acquiring a majority stake in 1997. Marc Jacobs will join Vera Wang, Rag & Bone and G-Star under the WHP Global umbrella. With the addition of the New York-based brand, WHP Global will surpass $9.5bn (£7bn) in global retail sales. G-III will also acquire and operate certain parts of the brand’s global direct-to-consumer and wholesale businesses. Advertisement Bernard Arnault, chairman and CEO of LVMH, said: “Marc Jacobs is a designer of rare creativity and unique vision. 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.” Jacobs added: “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. “I remain committed in my role as creative director of Marc Jacobs International and look forward to this bright new chapter.” Yehuda Shmidman, chairman and CEO of WHP Global, added: “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. Advertisement “LVMH has been an exceptional steward of the Marc Jacobs brand over the past three decades. Together with Marc Jacobs, G-III and the team, we look forward to expanding the brand’s global reach and building on its strong legacy for years to come.” Have your say or a new account to join the discussion.