[vc_row njt-role=”people-in-the-roles” njt-role-user-roles=”administrator,editor,author,armember”][vc_column][vc_column_text]
The luxury group Richemont has announced the acquisition of 100% of the Belgian leather goods manufacturer Delvaux.
The world’s second largest luxury group after LVMH, Richemont, has announced the acquisition of the entirety of the historic Belgian leather goods manufacturer, Delvaux, founded in 1829. The leather goods manufacturer has 50 boutiques and nearly 500 employees worldwide.
The oldest leather goods company in the world had a turnover of more than 120 million euros before the pandemic, with a 40% decline in 2020, caused by the collapse of tourism and the temporary drop in consumption in China.
The very high rents of its stores in the fashion hotspots (New York, Milan, London and Paris) did not help during the early days of the health crisis, the establishment of an online Delvaux platform only cushioned the fall of the leather goods manufacturer.
Since 2011, the company was owned by Asian interests. In the same year, Delvaux was bought from Belgians by the FHB Group, which today belongs to the Hong Kong Fung family. The buyout by Richemont follows a valuation of between $500 million and $600 million for Delvaux, reported by Bloomberg earlier this year.
“This is great news for Delvaux, because we know that it is now dealing with a group that will help it go further, without trying to resell it better as a private equity fund might do, for example,” says Pierre Hermant, CEO of Finance Invest.brussels, which had lent Delvaux 4 million to grow in 2016.
Richemont, parent company of Cartier and Van Cleef & Arpels, did not want to specify the amount of the acquisition. “The transaction has no material financial impact on Richemont’s consolidated net assets or on its operating result for the year ending March 31, 2022,” the Zurich-based group said.
The Delvaux house has always had a strong influence on the fashion of its time. “In 1908, Delvaux was the first to file an official patent for a leather handbag and can therefore be considered the inventor of the modern luxury handbag,” the company said in a statement.
This acquisition raises some questions. Why is Richemont, which sold off the Lancel handbag brand in 2018 and is scaling back the scope of its fashion business, turning its attention back to luxury handbags?
Read also > BUSINESS KOREA’S RANKING OF LUXURY BRANDS’ REPUTATIONS
Featured photo : © Press [/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
The luxury group Richemont has announced the acquisition of 100% of the Belgian leather goods manufacturer Delvaux.
The world’s second largest luxury group after LVMH, Richemont, has announced the acquisition of the entirety of the historic Belgian leather goods manufacturer, Delvaux, founded in 1829. The leather goods manufacturer has 50 boutiques and nearly 500 employees worldwide.
The oldest leather goods company in the world had a turnover of more than 120 million euros before the pandemic, with a 40% decline in 2020, caused by the collapse of tourism and the temporary drop in consumption in China.
[…][/vc_column_text][vc_cta h2=”This article is reserved for subscribers.” h2_font_container=”tag:h2|font_size:16|text_align:left” h2_use_theme_fonts=”yes” h4=”Subscribe now !” h4_font_container=”tag:h2|font_size:32|text_align:left|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE !” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Ftest2023.luxus-plus.com%2Fen%2Fsubscriptions-and-newsletter-special-offer-valid-until-september-30-2020-2-2%2F”]Get unlimited access to all articles and live a new reading experience, preview contents, exclusive newsletters…
Already have an account ? Please log in.
[/vc_cta][vc_column_text
Featured photo : © Press[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”people-in-the-roles” njt-role-user-roles=”subscriber,customer”][vc_column][vc_column_text]
The luxury group Richemont has announced the acquisition of 100% of the Belgian leather goods manufacturer Delvaux.
The world’s second largest luxury group after LVMH, Richemont, has announced the acquisition of the entirety of the historic Belgian leather goods manufacturer, Delvaux, founded in 1829. The leather goods manufacturer has 50 boutiques and nearly 500 employees worldwide.
The oldest leather goods company in the world had a turnover of more than 120 million euros before the pandemic, with a 40% decline in 2020, caused by the collapse of tourism and the temporary drop in consumption in China.
[…][/vc_column_text][vc_cta h2=”This article is reserved for subscribers.” h2_font_container=”tag:h2|font_size:16|text_align:left” h2_use_theme_fonts=”yes” h4=”Subscribe now !” h4_font_container=”tag:h2|font_size:32|text_align:left|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE !” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Ftest2023.luxus-plus.com%2Fen%2Fsubscriptions-and-newsletter-special-offer-valid-until-september-30-2020-2-2%2F”]Get unlimited access to all articles and live a new reading experience, preview contents, exclusive newsletters…
Already have an account ? Please log in.
[/vc_cta][vc_column_text
Featured photo : © Press [/vc_column_text][/vc_column][/vc_row]
