Richemont sells Old England

Swiss luxury group Richemont is selling its subsidiary Old England to holding company Tercade SA. The group declined to reveal details of the sale but said that the transaction will have no material impact on its balance sheet, cash flow or results. Old England, which sells clothing and accessories of English design, is based in Paris and operates a flagship department store on the Boulevard des Capucines as well as in Lyon and Toulouse. The store also has sales points in Japan. The transaction follows last year's sale of Hackett, another English brand. Richemont owns luxury brand names including Cartier, Chloé, Van Cleef & Arpels, Montblanc and Piaget.