Companies

Richemont sells Lancel to Piquadro

Jun 13, 2018 Switzerland

Switzerland-based luxury goods holding company Compagnie Financiere Richemont SA confirmed it has sold its French leather-goods subsidiary Lancel to Italian-based company Piquadro SpA

So far, the financial details of the deal have not been disclosure, although it is expected that under the arrangement Richemont will get a share of the profits earned by Lancel, a high-end brief cases and leather bags manufacturer, over the next 10 years.

Richemont, the owner of Cartier, Piaget and IWC, amongst others, announced the deal and said the agreement would have no material impact on its balance sheet, cash flow or results for the year ending on the 31st of March 2019.

The deal is the latest by Richemont, which has been reshaping its portfolio in recent months, to move out of the soft luxury areas like fashion and increase its presence in the online sector. Recently, Richemont confirmed to be in the process of buying Watchfinder.co.uk, an online platform for pre-owned watches. The company has also completed the take of Yoox Net-a-Porter, an online fashion retailer.

France Italy Switzerland Acquisitions Companies Leather goods Richemont