Swiss luxury group Richemont acquires Delvaux
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Swiss group Richemont, owner of luxury brands like Cartier, acquires the Belgian handbag pioneer Delvaux, aiming to lead the leather goods brand into the next phase of development.
Inventor of the luxury handbag
Since April, the Fung brothers, current owners of Delvaux, have been looking for a buyer for the Belgian brand. Financial details of the transaction are not known, but Richemont has already announced that the transaction will not have a significant financial impact on its consolidated net assets or operating income for the current year.
Richemont claims to be proud to acquire “the oldest luxury leather goods brand in the world”, created in Brussels in 1829. In 1908, Delvaux was the first to file an official patent for a leather handbag and can thus be called the inventor of the modern luxury handbag, according to the press release. “The rich archives of the House and the creative impetus of the last ten years represent a solid base from which the company can develop in the long term”, welcomes Philippe Fortunato, CEO of Maisons Mode & Accessoires de Richemont. .
Today, the brand is sold in around fifty stores around the world, but the new owner promises to gain momentum. Delvaux can prepare for a ânext phase of developmentâ, where the terms omnichannel and digital presence are already mentioned. Richemont has a strong online presence as the owner of the Yoox and Net-a-porter online fashion platforms. Luxury brands such as Cartier, Baume & Mercier, Chloé and Montblanc also belong to the group, which is listed on the Swiss stock exchange.
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