Switzerland-Based Richemont Buys Belgian Luxury Handbag And Leather Goods Company Delvaux

Switzerland-based luxury goods holding company Richemont has bought Belgian leather-goods label Delvaux. The acquisition of Belgium based Delvaux by Richemont is definitely a very big consolidation in the global luxury industry.

The luxury brands that Richemont already owns include the following: A. Lange & Söhne, Azzedine Alaïa, Baume & Mercier, Buccellati, Cartier, Chloé, Dunhill, IWC Schaffhausen, Giampiero Bodino, Jaeger-LeCoultre, Lancel, Montblanc, Officine Panerai, Piaget, Peter Millar, Purdey, Roger Dubuis, Vacheron Constantin, and Van Cleef & Arpels.

In this big acquisition story Richemont has apparently paid an approximate amount of USD 296 million to acquire Delvaux.

A bit about Belgian leather-goods label Delvaux

Founded in 1829, by Charles Delvaux, Delvaux is renowned as the oldest fine leather luxury goods house globally. This Belgium brand is known for its unique luxury bags including Brilliant that showcases a top handle and a buckle lock. At one point in time in history Delvaux used to supply luxury leather goods to Belgium’s royals too.
In the recent times Delvaux was owned by Hong Kong billionaire brothers Victor and William Fung along with Singapore’s Temasek Holdings Pte.

Richemont and Soft Luxury

Richmonte has always maintained its desire to grow across multiple luxury segments and this particular acquisition of Delvaux would help Richemont to improve its growth in the luxury leather accessories segment. Apparently Richemont does not have a very strong foot in what is considered the soft luxury segment like fashion and leather goods. It does have a very good hold on luxury segments like luxury jewellery and other hard luxury goods.

Richemont plans to develop and increase the physical as well as digital reach of Delvaux across the world.