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May 14 (Reuters) - WHP Global has agreed to buy the Marc Jacobs brand from the French luxury group LVMH LVMH.PA, the companies said on Thursday, without disclosing the financial terms of the deal.

G-III Apparel Group GIII.O will join WHP in its ownership of Marc Jacobs, the companies added.

G-III will also acquire and operate parts of Marc Jacob's global direct-to-consumer and wholesale businesses, according to the statement.

The brand's namesake designer, Marc Jacobs, will continue as founder and creative director of the brand after the deal closes, according to the statement.