Switzerland's Richemont acquires leather goods company Delvaux

03 Jul '21

2 min read

Pic: Delvaux

Leading luxury goods company from Switzerland, Richemont, has announced that the company has acquired 100 per cent of Delvaux, the renowned Belgian luxury leather goods Maison, in a private transaction. Through its various subsidiaries, Richemont produces and sells jewellery, watches, leather goods, pens, firearms, clothing, and accessories.

Delvaux’s leather pieces are crafted by skilled artisans in its workshops across Belgium and France, and mostly sold across a highly qualitative network of 50 boutiques worldwide. Richemont’s acquisition will position Delvaux for its next stage of development, by enabling Delvaux to leverage the group’s global presence and digital capabilities, to develop its omni-channel opportunities, and customer engagement, Richemont said in a media statement.

The transaction has no material financial impact on Richemont’s consolidated net assets or operating result for the year ending March 31, 2022. The results of Delvaux will be reported under the ‘Other’ business area.

“Delvaux is an authentic European luxury leather goods Maison with strong heritage, distinctive savoir faire and exceptional manufacturing capabilities. The Maison’s rich archives and creative momentum over the last ten years represent a solid foundation from which to grow the company for the long term, strengthening Richemont’s presence at the pinnacle of the leather goods category. We are delighted to welcome Delvaux’s management and teams to Richemont, and look forward to working closely with them to enable the Maison to reach its full potential under the group’s stewardship,” Philippe Fortunato, CEO of fashion and accessories Maisons said.

Fibre2Fashion News Desk (GK)

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