Richemont sews up Delvaux acquisition
Swiss luxury group Richemont has acquired 100% of Belgian luxury leathergoods brand Delvaux in a private transaction.
Delvaux was previously owned by billionaire Hong Konger brothers Victor and William Fung, alongside Singaporean state investment company Temasek Holdings, since 2011.
Richemont said in a press release that it will now focus on positioning Brussels-headquartered Delvaux for the “next stage” of its development, particularly in the areas of omnichannel retail and digitally optimised, global customer engagement.
Chief executive of Richemont’s fashion and accessories business, Philippe Fortunato, highlighted the Belgian brand’s heritage, reputation for manufacturing excellence and potential for further development in a statement.
Mr Fortunato added: “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 leathergoods category.”
Richemont’s existing soft luxury brands include Azzedine Alaïa, Chloé and Montblanc.
Delvaux, the world's oldest luxury leathergoods company, filed the first official patent for a leather handbag in 1908.
Image: Delvaux via Instagram.
