Richemont Acquires Luxurious Purse Maker Delvaux


Picture credit score: Delvaux

The Swiss luxurious group Richemont has taken over the Belgian leather-based items producer Delvaux. The latter joins an intensive vary of luxurious manufacturers that embody Cartier, Worldwide Watch Firm, Montblanc, and plenty of extra.

The brand new transaction could have no materials monetary affect on consolidated internet belongings or working outcomes for the yr ended March 31, 2022, in line with Richemont. Whereas the posh firm didn’t disclose the phrases of the deal, Citigroup analyst Thomas Chauvet informed Bloomberg. with that the price of the deal might be as much as $ 296 million.

Richemont acquires luxury handbag maker Delvaux

Picture: Delvaux

Previous 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, based in 1829, is thought for its leather-based purses just like the Good. In an announcement, Richemont mentioned Delvaux might be thought-about the inventor of the trendy purse because it was “the primary to register an official patent for a leather-based purse”.

With the brand new deal, Delvaux can leverage Richemont’s world presence and digital capabilities. Commenting on the acquisition, Philippe Fortunato, CEO of Trend & Equipment Maisons mentioned: “We’re delighted to welcome the administration and groups of Delvaux to Richemont and stay up for working carefully with them to allow the maison to succeed in its full potential below the management of the Administration could make full use of it ”.

Earlier this yr, Richemont introduced an “unprecedented collaboration” with LVMH and Prada once they fashioned a blockchain consortium that may allow customers to trace and authenticate their items. The goal of those efforts was to fight the problem of counterfeiting and counterfeiting. In an announcement to the Blockchain Consortium, the businesses mentioned customers would be capable to simply and transparently see the life cycle of a product “from conception to distribution with dependable information, strengthening their relationship with their favourite luxurious manufacturers “.

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