Richemont appoints Nomura to search suitors for Lancel
By FashionUnited
loading...
Richemont,
After years of losses, the leather had become profitable in 2011 to end in the red again as the Swiss luxury conglomerate ended it fiscal year 2012 last March. Lancel reported losses for the period of 20 million euros on a turnover of 350 million euros.
Lancel could be worth 500 million euros
As main French journals published earlier this week, the sale of Lancel could be sealed at circa 500 million euros. Unnamed sources close to the matter quoted by ‘Le Figaro’ said that private-equity firms and strategic investors are interested in Lancel.Rene Weber, an analyst at Bank Vontobel, wrote in a note to investors that “The divestment of Lancel would be seen as a positive step as it would confirm that Richemont is willing to tackle their underperforming businesses.”
Weber estimates Lancel would be worth 200 million euros. Shares at the luxury group have gained 57 percent in the past year.