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.

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,

Fashion icon Vera Wang has sold the intellectual property for her eponymous brand to WHP Global, a New York-based management company whose portfolio of consumer brands collectively generates more than $7 billion in annual global retail sales.

Vera Wang and WHP Global's Yehuda Shmidman talk about new opportunities in global markets and sectors like hospitality.