The deal has been estimated to cost up to US$296 million.
The post Richemont Acquires Luxury Handbag Maker Delvaux appeared first on LUXUO.

Credit: Delvaux
Swiss luxury conglomerate Richemont has acquired Belgian leather goods maker Delvaux. The latter joins an extensive lineup of luxury brands which includes Cartier, International Watch Company, Montblanc and many more.

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According to Richemont, the new deal does not have a financial material impact on its consolidated net assets or operating result for the year ending 31 March 2022. While the luxury conglomerate did not reveal the terms of the transaction, Citigroup analyst Thomas Chauvet shared with Bloomberg that the cost of the deal could be as much as US$296 million. Image: Delvaux
Prior to the deal, Delvaux was owned by Hong Kong-based billionaire brothers Victor and William Fung, and Singapore’s Temasek Holdings Pte. Established in 1829, the Belgian Maison is known for its leather handbags, such as the Brilliant. In a statement, Richemont says Delvaux can be regarded as the inventor of the modern handbag as it was “the first to file an official patent for a leather handbag”.
With the new deal, Delvaux will be able to leverage on Richemont’s global presence and digital capabilities. Speaking about the acquisition, Philippe Fortunato, CEO of Fashion & Accessories Maisons, said: “We are delighted...