Piquadro completes acquisition of Lancel
05/06/2018
The company stated that this transaction will have “no material impact” on its balance sheet, cash flow or results for the year ending March 31, 2019.
In a statement, Piquadro revealed that the terms of the sale are that Richemont will receive a share of the profits earned by Lancel in the ten years following the closing of the deal. The cumulative income to Richemont during this time will not exceed €35 million.
“We are very proud to bring to the Piquadro Group a historic French brand that has been a style icon of unrivalled excellence since 1876,” said Marco Palmieri, chairman and CEO of Piquadro. “This acquisition is part of a strategy of bringing together accessory brands that we began about a year ago with the acquisition of the historic Florentine leather goods brand The Bridge, a strategy that we intend to pursue with a view to generating greater synergies."
Piquadro’s statement also revealed that for the fiscal year ended March 31, 2018 Lancel achieved sales of €53 million.
Share this story:
