Richemont luxury group acquires renowned Belgian luxury leather goods Maison Delvaux
Richemont luxury group, owner of Cartier Watches, Van Cleef & Arpels, Jaeger-LeCoultre, and net-a-porter, among other, acquired 100% of Delvaux, the renowned Belgian luxury leather goods Maison, in a private transaction.
Established nearly two centuries ago in 1829, Delvaux is the oldest luxury leather goods Maison in the world. It has a unique heritage, expressed through the richness of its archives, and distinguishes itself through its exceptional savoir faire and creativity. In 1908, Delvaux was the first to file an official patent for a leather handbag and can thus be called the inventor of the modern luxury handbag.
Delvaux leather pieces are crafted by skilled artisans in its workshops across Belgium and France, and mostly sold across a highly qualitative network of 50 boutiques worldwide. Richemont group’s acquisition will position Delvaux for its next stage of development, by enabling Delvaux high-end brand to leverage the luxury Group’s global presence and digital capabilities, to develop its omnichannel opportunities and customer engagement.
According to jingdaily.com, this acquisition is a win-win. “By expanding its leather goods portfolio, Richemont made a strategic move that will grant the Swiss conglomerate the power to push back against competition from LVMH. Considering that Bernard Arnault’s empire has a more dominant position in high-end leather goods and accessories, Richemont’s move shows that it is serious about business consolidation.”
“Delvaux is an authentic European luxury leather goods Maison with strong heritage, distinctive savoir faire and exceptional manufacturing capabilities. The Maison’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 leather goods category. We are delighted to welcome Delvaux’s management and teams to Richemont, and look forward to working closely with them to enable the Maison to reach its full potential under the Group’s stewardship.” – Philippe Fortunato, CEO of Fashion & Accessories Maisons.
The transaction has no material financial impact on Richemont’s consolidated net assets or operating result for the year ending 31 March 2022. The results of Delvaux will be reported under the ‘Other’ business area.