Image credit: Delvaux
The Swiss luxury group Richemont has taken over the Belgian leather goods manufacturer Delvaux. The latter joins an extensive range of luxury brands that include Cartier, International Watch Company, Montblanc, and many more.
The new transaction will have no material financial impact on consolidated net assets or operating results for the year ended March 31, 2022, according to Richemont. While the luxury company did not disclose the terms of the deal, Citigroup analyst Thomas Chauvet told Bloomberg. with that the cost of the deal could be up to $ 296 million.
Image: Delvaux
Prior to the transaction, Delvaux was owned by Hong Kong-based billionaire brothers Victor and William Fung and Singapore-based Temasek Holdings Pte. The Belgian maison, founded in 1829, is known for its leather handbags like the Brilliant. In a statement, Richemont said Delvaux could be considered the inventor of the modern handbag as it was “the first to register an official patent for a leather handbag”.
With the new deal, Delvaux can leverage Richemont’s global presence and digital capabilities. Commenting on the acquisition, Philippe Fortunato, CEO of Fashion & Accessories Maisons said: “We are delighted to welcome the management and teams of Delvaux to Richemont and look forward to working closely with them to enable the maison to reach its full potential under the leadership of the Administration can make full use of it ”.
Earlier this year, Richemont announced an “unprecedented collaboration” with LVMH and Prada when they formed a blockchain consortium that will enable consumers to track and authenticate their goods. The aim of these efforts was to combat the issue of counterfeiting and counterfeiting. In a statement to the Blockchain Consortium, the companies said consumers would be able to easily and transparently see the life cycle of a product “from conception to distribution with reliable data, strengthening their relationship with their favorite luxury brands “.
For more information on the Delvaux deal, please visit richemont.com.
