By Jonathan Borge
Updated Jul 25, 2016 @ 3:45 pm
Credit: JP Yim/Getty

More than one year after designer Donna Karan resigned from her position as chief designer at her namesake fashion brand, luxury powerhouse LVMH Moët Hennessy Louis Vuitton has sold the label.

LVMH released a statement on Monday confirming its separation from the brand. Karan’s eponymous and decades-old house has been sold for approximately $650 million to G-III Apparel Group, a company that also owns major names like Andrew Marc, Vilebrequin, and holds licenses for Ivanka Trump, Tommy Hilfiger, and Calvin Klein. In the statement, LVMH Group Managing Director Antonio Belloni said G-III “has the expertise and capabilities to broaden the brand’s distribution and take it to its next level of success.”

Since Karan’s resignation, LVMH said goodbye to her high-end, ready-to-wear line and instead focused on its contemporary sister label DKNY, now under the leadership of Public School designers Maxwell Osborne and Dao-Yi Chow.

We can’t wait to see what’s next for the storied brand.