Richemont Buys Delvaux And Its Famous Leather Handbags
Umer Jamshaid 1 month ago Thu 01st July 2021 | 03:40 PM
Brussels, July 1 (UrduPoint / Pakistan Point News - 1st Jul, 2021 ) :Swiss luxury goods giant Richemont has bought 100 percent of Delvaux, a historic leather goods company founded in Brussels two centuries ago and considered to be the inventor of the leather handbag.
According to the Belgian newspaper L'Echo, its sales have fallen by around 40 percent compared to the pre-Covid period.
For Richemont, the brand and its 50 or so boutiques around the world nevertheless represent "a unique heritage" in terms of notoriety.
The Swiss group praised the "exceptional savoir faire and creativity" of Delvaux, which supplies the royal court of Belgium and uses Belgian imagery on its handbags, such as white clouds against a blue sky by the painter Rene Magritte.
"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," a statement said.
In Zurich, rumours had been circulating for some time about this acquisition.
But it "raises questions about the strategic logic" of Richemont, said Rene Weber, an analyst at Vontobel.