Piquadro contacts Richemont to buy Lancel. Negotiations, underway, to close in June possibly

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Piquadro wants to buy Richemont’s Lancel. Negotiations are currently underway, and they might get to the closing by the end of June. Piquadro made the news public in their release: “At the moment we have not signed any binding documents, and we have recently started due diligence works”. Lancel, a historic luxury leather goods company, was founded in Paris, in 1876, by Angèle and Alphonse Lancel. At the end of the seventies, the Zorbibe brothers bought it; in 1997, Richemont bought it out for 270 million euros. Since the Swiss owners got in charge of the brand, they developed a network of sale stores all over the world, focusing their business positioning on the “haut de gamme” products. At the end of 2013, Richemont was apparently about to sell Lancel, then they denied any transfer plan, probably because they had not received any interesting offer. After buying Serapian, the Milanese historic leather goods manufacturer, last year in November, the top managers of the Swiss luxury group were probably persuaded that they could sell Lancel. At the end of 2016, Piquadro bought out The Bridge. Their revenues, over the first nine months of 2017, amounted to 71,32 million euros (+39,2% compared to the same period of the previous financial year).

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