LVMH is selling its New York fashion house, Marc Jacobs, to brand management firm WHP Global, in partnership with G-III Apparel Group.

The deal brings an end to LVMH’s nearly 30-year involvement in Marc Jacobs, which has seen the brand grow to a global name, with around 280 stores worldwide.

“I am forever grateful to Bernard Arnault for his support, belief and trust in me over the last 30 years. It has been an honor and a privilege to work alongside the Arnault family and LVMH,” said the brand’s founder and designer, Marc Jacobs.

“I remain committed in my role as creative director of Marc Jacobs International and look forward to this bright new chapter.”

Marc Jacobs has long been reported to be experiencing stagnant revenues amid wider group losses. While independent financial disclosures have not been released by LVMH, analysts have valued the brand at roughly $1 billion.

It will now join the likes of Rag & Bone, Vera Wang, and Joe’s Jeans in WHP Global’s fashion portfolio.

“Marc Jacobs is a designer of rare creativity and unique vision. His impact on the world of fashion is undeniable, and I want to warmly thank him for his contribution to the success of the Maison and the LVMH Group over the last 30 years,” Bernard Arnault, chairman and CEO of LVMH, added.

“I am confident that this new chapter will offer new avenues of opportunity for Marc Jacobs, that the brand and its designer will continue to inspire customers and creators around the world.”

WHP Global said it will surpass $9.5 billion in global retail sales following the acquisition.