Swiss group Richemont, owner of luxury brands like Cartier, is acquiring Belgian handbag pioneer Delvaux, aiming to lead the leather goods label into the next phase of development.
Inventor of the luxury handbag
Since April, the Fung brothers, current owners of Delvaux, have been looking for a buyer for the Belgian brand. The financial details of the deal are not known, but Richemont has already announced that the transaction will not have a significant financial impact on its consolidated net assets or operating profit for the current financial year.
Richemont says it is proud to acquire “the oldest luxury leather goods label in the world“, which was created in Brussels in 1829. In 1908, Delvaux was the first to apply for an official patent for a leather handbag and can thus be called the inventor of the modern luxury handbag, according to the press release. “The Maison’s rich archives and the creative momentum over the past ten years represent a solid foundation from which the company can grow for the long term”, Philippe Fortunato, CEO of Fashion & Accessories Maisons at Richemont, praises the newcomer.
Today, the label is sold in fifty boutiques worldwide, but the new owner promises to scale things up. Delvaux may brace itself for a “next phase of development”, whereby the terms omnichannel and digital presence are already being mentioned. Richemont has a strong online presence as the owner of online fashion platforms Yoox and Net-a-porter. Luxury brands such as Cartier, Baume & Mercier, Chloé and Montblanc also belong to the group, which is listed on the Swiss stock exchange.
