WHP Global, a brand management firm backed by private equity, on Monday announced an agreement to buy wedding dress brand Vera Wang. Why it matters: Wang is iconic, generating around $800 million in annual sales,

WHP Global, a leading brand management firm in New York, has agreed to acquire the IP of the Vera Wang brand. As part of the transaction, Vera Wang will continue in her role as founder and chief creative officer and will join WHP Global as a shareholder, continuing to have a role in shaping the brand’s creative direction and growth.

WHP Global is nearing a deal to purchase the Vera Wang brand, which brings in over $700 million in annual retail sales, according to people familiar with the matter.