LVMH Agrees to Sell Marc Jacobs Brand to WHP Global, G-III

LVMH agreed to sell the Marc Jacobs fashion label to a venture between WHP Global and G-III Apparel Group, marking a rare divestment for the world’s largest luxury group as it adjusts to softer demand.

Financial terms weren’t disclosed, though G-III said in a filing that it plans to invest up to $425 million in the 50-50 venture. Jacobs, the brand’s founder, will continue as creative director for the affordable luxury label, the companies said Thursday.