Marc Jacobs is furthering its presence in China.
WHP Global and G-III Apparel Group Ltd. have forged a partnership with I.T Group, a leading omnichannel fashion retailer in Greater China, to accelerate the growth of the Marc Jacobs presence across Greater China through new stand-alone boutiques, shop-in-shop locations, digital commerce and wholesale distribution, building on the brand’s existing retail footprint.
“Marc Jacobs has a distinctive creative identity and strong appeal among consumers in Greater China,” said Sham Car Wai, founder and chairman of I.T Group. “With our omnichannel platform, deep local market knowledge and nearly four decades of experience building international fashion brands in the region, we see significant potential to accelerate the brand’s growth through retail expansion and digital commerce, bringing Marc Jacobs to more consumers across Greater China.”
Founded in Hong Kong in 1988, I.T Group has more than 280 points of sale and a growing e-commerce platform across Greater China. The company operates multiple retail concepts, including I.T, i.t, EXI.T, and its digital platform features more than 400 designer, contemporary and streetwear labels. Led by Wai, I.T Group has a proven track record of introducing and developing international fashion brands across the region, including A Bathing Ape, Acne, Studios, Carhartt WIP, Commercial des Garçons, Off-White, Palm Angels, Study, among others. I.T Group provides a comprehensive retail and digital platform for long-term growth across mainland China, Hong Kong, Macao and Taiwan.
“We see a strong future for Marc Jacobs and are focused on building the business for the long terms,” said Morris Goldfarb, chairman and chief executive officer of G-III Apparel Group. “Our approaches to look at each market individually and put the right capabilities in place to drive the business. I.T Group has a strong track record in Great China, and we are confident in what we can accomplish together.”
Yehuda Shmidman, founder, chairman and CEO of WHP Global, said, “We refocused on executing our global growth strategy for Marc Jacobs, and our partnership with I.T Group for China is an important milestone. Marc Jacobs has a distinctive creative identity and strong global recognition, with significant opportunities to expand. This is just the beginning.”
The China news comes on the heels of a major change in Marc Jacobs management, revealed last week. As reported, Emily George was named global president of the business as of Nov. 1, while Eric Marechalle, who was Marc Jacobs’ CEO for nine years, is exiting at the end of this month. Marc Jacobs himself remains creative director, leading the vision of the brand, but the business structure he’s working with is starting to shift under the company’s new ownership structure.
On Sept. 1, LVMH Moët Hennessy Louis Vuitton completed its roughly $925 million sale of Marc Jacobs to WHP Global and G-III Apparel Group. WHP and G-III each own 50 percent of the brand, while G-III also bought the company’s operating business, which is focused in the U.S. and Europe and includes more than 100 stores. WHP leads he joint venture that holds the brand and G-III supports the JV while running wholesale, retail and e-commerce.