John Hardy has sold his stake in his namesake firm to company president Damien Dernoncourt and creative director Guy Bedarida, Women’s Wear Daily reports.

Dernoncourt, 35, has been president since 2003, while Bedarida, 43, has been in his role since 1999, WWD reports. An unnamed private equity firm backed the deal and Lincoln International acted as a financial advisor. Terms were not disclosed.

Hardy’s sales in the U.S. reached $150 million last year, WWD reports. John Hardy will take the role of brand visionary and brand ambassador. His wife, Cynthia, will act as a merchandising consultant. Terri Eagle will retain the title of president and chief executive officer of John Hardy USA.

All of Hardy’s products are made on his compound in Bali, which has 800 employees.

JCK