Marc Jacobs Joins Vera Wang's Family After Splitting from Louis Vuitton
Marc Jacobs Becomes ‘Brother’ to Vera Wang After Splitting from Louis Vuitton
Jakarta, CNBC Indonesia - French luxury goods giant, LVMH, has officially divested the fashion brand Marc Jacobs after nearly 30 years under its umbrella. The Marc Jacobs brand will be acquired by WHP Global based on a definitive agreement announced by both companies.
LVMH is known to have acquired a majority stake in Marc Jacobs in 1997. Over the past three decades, the group led by Bernard Arnault has played a significant role in expanding the business and strengthening Marc Jacobs’ position as one of the world’s leading premium fashion brands.
Through LVMH’s support, Marc Jacobs has expanded through various product categories, from handbags, leather goods, ready-to-wear clothing, footwear, eyewear to fragrances. The brand is also known for its strong influence in the global fashion industry for over 40 years.
Although ownership has changed, Marc Jacobs will continue to serve as Founder and Creative Director of the company. He ensures that the creative vision as well as the collections and fashion shows of Marc Jacobs will continue.
“I will forever be grateful to Bernard Arnault for his support, trust, and belief in me over the past 30 years. It has been an honor and a privilege to work with the Arnault family and LVMH,” said Marc Jacobs.
He added that he remains committed to carrying out his role as Creative Director of Marc Jacobs International and is optimistic about welcoming the company’s new phase.
Chairman and CEO of LVMH, Bernard Arnault, said Marc Jacobs is a figure with unique creativity and vision who has had a significant impact on the world of fashion.
“His impact on the world of fashion is undeniable. I would like to express my sincere gratitude for his contribution to the success of Maison and LVMH Group over the past 30 years,” said Arnault.
According to him, this new phase will open up new growth opportunities for Marc Jacobs to remain relevant and continue to inspire the global creative industry.
For WHP Global, the acquisition of Marc Jacobs will strengthen the company’s portfolio of premium fashion businesses. The brand will join a number of other brands under WHP Global, such as Vera Wang, rag & bone, and G-STAR.
With the addition of Marc Jacobs, WHP Global is projected to have total global retail sales of over US$9.5 billion, or approximately IDR 167.13 trillion.
In this transaction, G-III Apparel Group also joined in the ownership of Marc Jacobs. The company will operate a portion of the brand’s direct-to-consumer and global wholesale businesses.
(tfa)