LVMH has agreed to sell Marc Jacobs to a joint venture between WHP Global and G-III Apparel Group, ending its nearly 30-year ownership of the US fashion brand.

The deal will see the two companies form a 50-50 venture to acquire the intellectual property, with up to $850m (€780m) being raised to fund the transaction. Each partner is expected to contribute up to $425m (€390m).

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