LVMH has found a buyer for the Marc Jacobs brand, which is passing to US group WHP Global — a brand management company whose portfolio includes Vera Wang, G-Star and Toys 'R' Us.
After nearly 30 years with LVMH, Marc Jacobs has been acquired by WHP Global, the group headed by Bernard Arnault announced in a press release on Thursday.
The financial terms were not disclosed, though the transaction is believed to be worth between $850m (€726m) and $1bn (€854m), according to sources cited by the Wall Street Journal. The deal is expected to close before the end of the year.
WHP Global specialises in retail brand management and oversees a portfolio of around 15 labels, including Lotto, Vera Wang, G-Star and Toys 'R' Us. The group generates annual revenues of more than $8.5bn (€7.26bn).
Jacobs, 63, will continue in his role at the label.
