French luxury goods company LVMH has inked a deal with brand manager WHP Global to sell the Marc Jacobs brand, the company said on Thursday.
With Marc Jacobs as part of its portfolio, WHP Global will exceed $9.5 billion in global retail sales.
The transaction is expected to be closed before the end of the year, with Marc Jacobs to join Vera Wang, rag & bone, and G-STAR to boost the company's presence across high-growth global fashion categories.
Marc Jacobs will continue in his role as founder and creative director of the brand, it said.
At the same time, G-III Apparel Group, Limited will join WHP Global in its ownership of the Marc Jacobs brand.
Marc Jacobs is known for its handbags, small leather goods, ready-to-wear, footwear, eyewear, and fragrance.