G-III Apparel Group and WHP Global have completed the acquisition of the Marc Jacobs brand from LVMH and formed their previously announced joint venture to jointly own the fashion brand’s intellectual property. WHP Global and G-III each hold a 50% equity interest in the new joint venture.
WHP Global will lead the joint venture and oversee global brand licensing, while G-III has acquired the Marc Jacobs operating business and will manage its wholesale, retail and e-commerce operations.
G-III also entered into a long-term license agreement with the joint venture.
Marc Jacobs will continue as Founder and Creative Director, maintaining responsibility for the brand’s creative vision, runway collections and fashion shows.
The companies plan to expand Marc Jacobs globally and pursue additional opportunities across markets and product categories.
Morgan Stanley advised WHP Global and also provided debt financing through Morgan Stanley Senior Funding. Gibson Dunn served as WHP’s legal advisor.
UBS advised G-III, with Paul Weiss serving as legal counsel. Barack Ferrazzano represented LVMH.
G-III’s owned-brand portfolio now includes Marc Jacobs alongside DKNY, Donna Karan, Karl Lagerfeld, Sonia Rykiel and Vilebrequin.
KEY QUOTES:
“Marc Jacobs is a defining name in fashion, with powerful cultural relevance and global growth potential. We want to thank LVMH for its stewardship of this brand over nearly three decades and for being a trusted partner throughout this process. Together with G-III, we have created a powerful platform that combines best-in-class brand management with exceptional operating expertise.”
Yehuda Shmidman, Founder, Chairman and CEO of WHP Global
“This closing marks an exciting new chapter for Marc Jacobs, a brand with a distinctive creative legacy and global reach. G-III brings the scale and expertise to build and grow global brands, and we look forward to working with the Marc Jacobs team and WHP Global to protect what makes the brand special while supporting its continued growth worldwide.”
Morris Goldfarb, Chairman and Chief Executive Officer of G-III Apparel Group
