finance
LVMH Agrees to Sell Marc Jacobs to Joint Venture of WHP Global and G-III Apparel Group
LVMH has reached an agreement to sell the Marc Jacobs brand to a joint venture formed by WHP Global and G-III Apparel Group. The buyers plan to raise up to $850 million to fund the acquisition. The deal marks the exit of the French luxury conglomerate from ownership of the American fashion label.
May 15, 12:00 PM·1m read1 source
eonline.comAudio version
Tap play to generate a narrated version.
Developing·Limited corroboration so far. This page will refresh as more sources emerge.
LVMH agreed to sell Marc Jacobs to a joint venture between WHP Global and G-III Apparel Group. The buyer of Marc Jacobs is a joint venture formed by WHP Global and G-III Apparel Group, which plan to raise up to $850 million to fund the acquisition of Marc Jacobs. @Reuters reported the agreement, which hands control of the American fashion house to the two apparel specialists.
The transaction ends LVMH's ownership of the brand founded in 1984 by designer Marc Jacobs. Neither the purchase price nor a closing timeline was disclosed in the initial announcement. WHP Global and G-III Apparel Group intend to finance the deal in part through a capital raise capped at $850 million.
The joint venture structure allows the partners to combine WHP's brand management expertise with G-III's apparel manufacturing and distribution capabilities. The sale reflects LVMH's continued focus on its core luxury portfolio after years of owning the Marc Jacobs label.
Details on how the new owners plan to deploy the raised capital remain limited. The $850 million target would cover the acquisition itself and potentially provide working capital for future brand development.
