Swiss luxury good group Richemont has entered into an agreement with Tercade SA, a holding company, for the sale of its interest in its subsidiary, Old England SA.

Based in Paris, Old England operates a flagship department store on Boulevard des Capucines as well as stores in Lyon and Toulouse. It also has a number of points of sale in Japan. The Old England stores feature the best of ‘English’ design in terms of clothing and accessories.

Richemont owns a portfolio of international brands including Alfred Dunhill, Lancel; Cartier, Piaget, Montblanc and Chloé.

Meanwhile, the group recently appointed Marc Lelandais as president and chief executive officer of its leather and accessories subsidiary Lancel.

Paris-based Lancel was acquired by Richemont in 1997. It offers a range of luggage, handbags and leather accessories.