esources to build the brand’s global presence and cultural relevance. The designer himself, now 63, built a reputation that stretched far beyond product. He dressed Madonna. He reinvented Louis Vuitton’s ready-to-wear. He turned the Tote Bag into one of the most copied silhouettes of the 21st century. Yet, for all that cultural weight, Marc Jacobs the brand was never quite the profit engine that LVMH’s crown jewels were.  A conglomerate under pressure  For the full year 2025, LVMH’s fashion and leather goods division posted an organic sales decline of around 5 per cent, while wines and spirits fell by a similar margin, affected by weaker cognac demand and customs duties weighing on exports, particularly to the US. Over the full year, revenue declined 1 per cent to 80.8 billion euros, and CEO Bernard Arnault warned that “2026 won’t be simple,” citing an “unforeseeable” and “disrupted” economic context. Against that backdrop, LVMH has been shedding labels with unusual frequency over the past two years, cutting loose names that no longer fit its ambitions at the top of the market. In recent months alone, it completed the sale of Off-White to Bluestar Alliance and the sale of its stake in Stella McCartney. According to the Financial Times, the group is exploring one of the most significant restructurings in its nearly 40-year history, one that could also see it part with its 50 per cent stake in Fenty Beauty and beauty brands Make Up For Ever and Fresh. New ownership model  WHP Global will acquire the Marc Jacobs brand from LVMH and simultaneously establish a joint venture with G-III Apparel Group to hold the brand. G-III will then buy the global Marc Jacobs operating business from the joint venture and enter into a long-term licensing agreement, making G-III a 50 per cent owner of the Marc Jacobs brand as well as its primary operator. G-III plans to invest approximately $500 million to support the venture. At WHP, Marc Jacobs will be described as the “cornerstone” of the premium fashion vertical, joining Vera Wang, Rag & Bone and G-Star. With Marc Jacobs added, the company will surpass US$9.5 billion in global retail sales. WHP, founded in 2019, has moved aggressively to build a portfolio spanning fashion, lifestyle and consumer goods. The addition of Marc Jacobs is the firm’s most prestigious acquisition to date and repositions the firm in a different conversation entirely. G-III, meanwhile, is no newcomer to operating fashion brands at scale. The company owns ten brands outright, including DKNY, Donna Karan, Karl Lagerfeld, and Vilebrequin and licenses over 20 sought-after names in global fashion, including Calvin Klein and Tommy Hilfiger. Last year, LVMH was close to selling the brand to WHP’s competitor, Authentic Brands Group, but that deal fell through over price and Jacobs’s involvement.  The designer stays Marc Jacobs will continue as founder and creative director, a provision that is both reassuring and carefully choreographed. “I fear and loathe and also love change,” Jacobs said on social media. “While change is inevitable, what remains constant and unwavering is my love for fashion and the joy it brings me. The promise of new possibilities is what continues to excite and inspire me.” Runway collections and fashion shows remain his domain. Meanwhile, the commercial machine, the licensing agreements, the wholesale accounts and the retail buildout belong to WHP and G-III. “When I met with Yehuda Shmidman, it was abundantly clear that his respect, admiration, appreciation and love for the house we built was genuine and sincere,” he wrote, referring to WHP Global’s CEO. He reserved equal warmth for the teams he is taking with him into the next chapter: “We have never rested on our laurels or past successes, and I have always relied on and trusted my instincts.” Of Bernard Arnault and the three decades now closing, he was gracious and precise. “It has been an honour and privilege to work alongside the Arnault Family and LVMH.” For a designer who built a career on instinct and irreverence, it was a notably considered farewell, the words of someone who understands exactly what he is leaving behind, and has chosen, carefully, to look forward anyway. Further reading: LVMH’s Q1: Hope for luxury recovery wanes as Middle East conflict continues.