Said and done: Richemont buys Delvaux (and re-launches fashion)

Said and done: Richemont buys Delvaux (and re-launches fashion)

The rumors wasn’t even established when the deal was closed. Richemont bought Delvaux. The Swiss group proved wrong those that believes it to be leaving the fashion segment. Just the opposite, Richemont is re-launching its fashion segment. Particularly leather goods. After acquiring Serapian, the Swiss group has stated it closed the deal for 100% of Delvaux. The brand was in the hands of First Heritage Brands, fund of billionaire brothers Victor and William Fung, based in Hong Kong.

The operation

First Heritage Brands is one of the entities that has decided to free itself of fashion-related investments, particularly European ones. The company that sold Sonia Rykiel, Robert Clergerie and now Delvaux, which is considered to be the oldest leather goods’ manufacturer still existent. Richemont, meanwhile, claimed that it will “work on the next growth phase” for the brand, allowing it to “take advantage of the group’s global presence and digital capabilities, in order to build an omnichannel system and connect with consumers”. Philippe Fortunato, Head of the fashion and accessories brands for the group, has praised “the important heritage, know-how and manufacturing capacities” of Delvaux.

Richemont is re-launching its fashion segment

Delvaux is headquartered in Brussels, where it has a laboratory that creates prototypes and on-demand goods. The brand also has two manufacturing sites in France (Avoudrey and Bourg-Argental). “We see significant potential for leather goods”, said Richemont’s financial director Burkhart Grund, while presenting the group’s 2017/2018 results, according to WWD. Mr. Grund explained at the time that the company’s goal was that of growing the brands within the portfolio, rather than acquire new ones. The strategy has changed since then. Richemont sold Shanghai Tang and Lancel and, in 2017, bought Italian brand Serapian. Delvaux’s purchase strengthens the group’s position and presence within the leather goods’ segment.
Pictures from Delvaux

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