On June 4, the company Piquadro S.p.A, a manufacturer and distributor of leather accessories for business and travel, announced the conclusion of an agreement and the completion of the acquisition of the entire share capital of the company Lancel International S.A.

Lancel International – a Swiss company wholly owned by Richemont.

Richemont – a Swiss holding company producing luxury goods and owner of the brand Lancel, which owns 99.9958% of the authorized capital of the French company Lancel Sogedi SA, as well as Spanish and Italian companies that manage Lancel stores in these countries (Lancel International and its subsidiaries Groupe Lancel), which were transferred to Piquadro S.p.A.

Maison Lancel, a company founded in 1876 and based in Paris, is a manufacturer and distributor of high-quality Lux leather goods, accessories for men and women. Maison has created a retail network system of 60 branded stores and 11 franchised ones. Lancel is present in 39 countries around the world, including China, carrying out its activities through retail and wholesale networks.

"We are very proud of the acquisition of the historic French brand, which represents a unique example of quality and unsurpassed excellence since 1876," says Marco Palmieri, President and CEO of Piquadro Group. The brand represents the extraordinary legacy of Maison Lancel and has great potential for development. This acquisition is part of a merger strategy that we started about a year ago with the purchase of the historic Florentine brand The Bridge.

For the fiscal year ended March 31, 2018, the Lancel Group achieved sales turnover of approximately 53 million euros, and negative EBITDA (earnings before interest, taxes and depreciation) amounted to about 23 million euros.

Photo: Piquadro