LVMH Moët Hennessy Louis Vuitton and brand management firm WHP Global have entered into a definitive agreement for the acquisition of the Marc Jacobs fashion brand from LVMH.

LVMH acquired a majority stake in Marc Jacobs in 1997. Following the transaction's completion, Marc will continue as Founder and Creative Director.

The brand will join WHP Global's premium fashion vertical alongside Vera Wang, rag & bone, and G-STAR. With the addition of Marc Jacobs, WHP Global will surpass $9.5 billion in global retail sales.

G-III Apparel Group will join with WHP Global in its ownership of the Marc Jacobs brand and will acquire and operate parts of the brand's global direct-to-consumer and wholesale businesses.

The transaction is subject to customary closing conditions and is expected to close before year end.

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