Marc Jacobs is moving to a new home. 

LVMH Moët Hennessy Louis Vuitton has reached a definitive agreement to sell Marc Jacobs to WHP Global. 

Under the deal, Jacobs, who founded the company in 1984 with Robert Duffy, will continue his role as creative director, ensuring continuity for the brand’s vision, runway collections and shows.

While it’s unusual for LVMH chief Bernard Arnault to sell off a brand, a parting of the ways has been in the cards for a while. Last year, the luxury giant was close to selling the business to WHP’s competitor Authentic Brands Group, but that deal fell through.

“I am forever grateful to Bernard Arnault for his support, belief and trust in me over the last 30 years,” Jacobs said in a statement. “It has been an honor and privilege to work alongside the Arnault family and LVMH. I remain committed in my role as creative director of Marc Jacobs International and look forward to this bright new chapter.”

At WHP, Marc Jacobs will be the “cornerstone” of the premium fashion vertical, joining Vera Wang, Rag & Bone and G-Star. With Marc Jacobs, the company will surpass $9.5 billion in global retail sales. 

LVMH bought the designer business in 1997 and has provided the company with the support and resources needed to go global. 

“Marc Jacobs is a designer of rare creativity and unique vision,” Arnault said. “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. 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.”