Luxury goods juggernaut Richemont has made headlines with its latest acquisition of Belgian leather goods brand Delvaux. With already renowned brands such as Cartier, Chloé, and Net-à-Porter under its umbrella, Richemont is further expanding its fashion and accessories offerings with this recent addition.
Founded in Brussels in 1829, Delvaux was previously owned by First Heritage Brands, an investment company within the Hong Kong Fung Brands (Li & Fung) group, which acquired the brand in 2011. While the financial details of the acquisition have not been disclosed, it is worth noting that Delvaux had reported an annual turnover of over 100 million euros prior to the Covid-19 pandemic. The brand’s success can be attributed to its extensive network of 50 stores and its wholesale channel, and it ventured into e-commerce in 2020.
Marco Probst, who previously led Delvaux from 2012 to 2018, returned to the brand as its manager in December 2019. Notably, Probst had also served as the director of operations at Richemont-owned fashion house Chloé from 2010 to 2012. In late 2020, Delvaux experienced a change in its artistic director position, as Christina Zeller, who had been with the company for a decade, departed for personal reasons. In her absence, the brand’s creative studio has taken on the responsibilities of the role.
Richemont’s acquisition of Delvaux is expected to be a catalyst for the brand’s growth and development in the future. Leveraging its global presence and digital capabilities, the luxury conglomerate aims to enhance Delvaux’s omnichannel capabilities and strengthen customer engagement. It is anticipated that a new head of creative direction will be announced in the near future as part of the takeover.
On July 16, Richemont is slated to release its financial results for the first quarter of the 2021/2022 fiscal year. In the previous financial year, which ended on March 31, 2021, the conglomerate experienced an 8% decline in sales, totaling 13.1 billion euros. However, the company witnessed a recovery in the fourth quarter, driven by its jewelry brands, online sales, and the Chinese market, resulting in a 30% increase in sales.
Useful links:
– For more information on Richemont and its portfolio of luxury brands, visit https://www.richemont.com/.
– To explore Delvaux’s exquisite leather goods and history, check out https://www.delvaux.com/.
