Switzerland-based luxury giant Richemont has acquired a 100 percent stake of Delvaux, the renowned Belgian luxury leather goods company, in a private transaction.
Commenting on the acquisition, Philippe Fortunato, CEO of fashion and accessories maisons at Richemont, said: “Delvaux’s rich archives and creative momentum over the last 10 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.”
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Established nearly two centuries ago in 1829, Delvaux is the oldest luxury leather goods company, according to Richemont. In 1908, Delvaux was the first to file an official patent for a leather handbag and can thus be called the inventor of the modern luxury handbag.
Delvaux’s leather pieces are crafted in its workshops across Belgium and France, and mostly sold across a network of 50 boutiques worldwide. The company added that 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, and to develop its omnichannel opportunities and customer engagement.
Richemont said the transaction has no material financial impact on its consolidated net assets or operating result for the year ending 31 March 2022.