LVMH announced Thursday it is selling Marc Jacobs to a joint venture between WHP Global and G-III Apparel Group, closing nearly three decades of stewardship. Financial terms were not disclosed. Founder Marc Jacobs will remain creative director. LVMH acquired a majority stake in 1997, the same year it appointed Jacobs as Louis Vuitton’s first creative director. WHP and G-III will form a 50/50 joint venture to own Marc Jacobs’ intellectual property, with G-III managing the brand globally and WHP overseeing licensing. The deal, expected to close before year-end, will push WHP’s retail sales above $9.5 billion, adding to a portfolio that includes Vera Wang and Rag & Bone.

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