LVMH, the French luxury goods conglomerate, has announced plans to sell its Marc Jacobs fashion brand to WHP and G-III Apparel, according to company statements.

The transaction will see the American fashion label change ownership from the luxury giant that has held the brand as part of its extensive portfolio of high-end fashion and accessories companies.

Marc Jacobs, the brand's founder and namesake designer, confirmed he intends to remain with the company as creative director following the completion of the sale. The designer's continued involvement suggests continuity in the brand's creative direction despite the ownership change.

Financial terms of the deal were not disclosed in the announcement. The sale represents LVMH's continued reshaping of its brand portfolio as the company focuses on its core luxury segments.

The transaction is expected to close pending standard regulatory approvals and closing conditions. Both WHP and G-III Apparel are established players in the fashion industry with experience managing and developing clothing brands.