LVMH Moët Hennessy Louis Vuitton finalised on Tuesday the sale of Marc Jacobs for approximately $925 million to WHP Global and G-III Apparel Group, according to WWD. L'opération had been revealed in May, a rare divestment for the group led by Bernard Arnault.
LVMH had acquired the brand in 1997, the year its founder, Marc Jacobs, was named the first creative director of Louis Vuitton. Jacobs, who had co-founded the company in 1984 with Robert Duffy, remains creative director of Marc Jacobs and will continue to embody the brand, according to WWD.
L'accord organises an equal split between the two acquirers: WHP Global and G-III Apparel Group each hold 50% of the brand. According to the operational breakdown described by WWD, WHP will lead the joint venture that owns the brand, while G-III will support this structure and run wholesale, retail and e-commerce. L'activité operational business sold, centred on États-Unis and Europe, has more than 100 stores.
A brand set to expand under its new owners
According to LVMH and WHP Global, Marc Jacobs remains a designer brand, but under owners determined to sign new licences and grow the business, notably by strengthening wholesale sales. Morris Goldfarb, chairman and chief executive officer of G-III, said his company "apporte l'échelle et l'expertise nécessaires pour construire et développer des marques mondiales" and said he looked forward to working with the Marc Jacobs and WHP Global team "pour préserver ce qui rend la marque spéciale tout en soutenant sa croissance continue dans le monde entier".
Bernard Arnault, chairman and chief executive officer of LVMH, praised in Marc Jacobs "un designer d'une créativité rare et d'une vision unique", adding that "son impact sur le monde de la mode est indéniable" and warmly thanking him "pour sa contribution au succès de la maison et du groupe LVMH au cours des 30 dernières années".
Yehuda Shmidman, founder, chairman and chief executive officer of WHP Global, is also among the executives quoted by WWD regarding the deal.
