Delvaux

Nolan Gerard Funk Discusses Neckwear at Delvaux Party

Nolan Gerard Funk Discusses Neckwear at Delvaux Party

TIE SCORE: Nolan Gerard Funk dons some expensive designer suits — Dior, Prada, Dolce & Gabbana — for his role in the upcoming Netflix series “Partner Track,” about the interpersonal dynamics at a New York law firm. Neckties galore, too.
“It was funny because we were shooting in an actual office building, at a real law firm, on the 49th and 51st floors…and there would be people going back to work in the elevator. And they would always look at us and be like, ‘You’re in the show because we don’t wear ties anymore,’” the Canadian actor related with a chuckle.
Funk, who recently appeared in “Flight Attendant,” was among VIPs mingling in Palais-Royal, where Delvaux had set up an idyllic garden party outside its original Paris boutique. Fans were handed out, but a breeze kept revelers cool as they sipped martinis and rosé wine mixed with strawberry puree.

Dressed in a white linen jacket, Delvaux chief executive officer Jean-Marc Loubier greeted the likes of deejay Laura de Greef, creative director Fredrik Robertsson and French actress Gaïa Weiss, who recently appeared in a Delvaux campaign spotlighting its summery Canvas Story bags and totes.
Belgian musician Sylvie Kreusch capped off the evening with a performance.

BREAKING: Richemont Is Acquiring Delvaux

BREAKING: Richemont Is Acquiring Delvaux

Further extending its holdings beyond hard luxury, Compagnie Financière Richemont is to acquire elite Belgian leather goods firm Delvaux from its Chinese owners.
Richemont said it purchased 100 percent of Delvaux “in a private transaction” and did not name the seller: First Heritage Brands, a vehicle of Hong Kong billionaire brothers Victor and William Fung, who have already exited their other European fashion investments, Sonia Rykiel and the shoemaker Robert Clergerie.
Financial terms were not disclosed.
In a statement released after the close of trading on the SIX Swiss Exchange, Richemont said it would “position Delvaux for its next stage of development by enabling Delvaux to leverage the group’s global presence and digital capabilities, to develop its omnichannel opportunities and customer engagement.”

Philippe Fortunato, chief executive officer of Richemont’s fashion and accessories maisons, lauded Delvaux’s “strong heritage, distinctive savoir-faire and exceptional manufacturing capabilities.”
“The maison’s rich archives and creative momentum over the last 10 years represent a solid foundation from which to grow the company for the long term, strengthening Richemont’s presence at the pinnacle of the leather goods category,” he added.
Founded in 1829, Delvaux is considered the oldest luxury leather goods house in the world, the first to file a patent for leather handbags in 1908, and one of the first luxury goods firms to introduce seasonality into its collections in the 1930s. It has been an official supplier to the Belgian royal court since 1883, and boasts a meticulous archive of more than 3,000 styles, all patented.

In a statement, Richemont said the Delvaux acquisition would have “no material financial impact on Richemont’s consolidated net assets or operating result” for the fiscal year ending March 31, 2022, noting that Delvaux’s results would be grouped under the “other business” area.
First Heritage Brands took a majority stake in Delvaux in 2011 with Singaporean state investment company Temasek, and grew sales from 18 million euros up to about 120 million euros, according to market sources.
The brand pushed into China, South Korea and Japan, and opened flagships on New York’s Fifth Avenue, Bond Street in London and in the Palazzo Reina in Milan, as well as a pop-up on the Rue Saint-Honoré in Paris, with plans for a permanent store there. The proportion of sales generated outside of Belgium increased from 3 percent to about 85 percent, while the store network increased from 10 to 50 under the ownership of First Heritage Brands.
The Delvaux disposal represents one of the last remaining fashion assets connected to Fung Group, the Hong Kong-based sourcing giant. In 2017, it sold its stake in struggling men’s wear retail unit Trinity — which includes Gieves & Hawkes, Kent & Curwen and Cerruti 1881 — to Shandong Ruyi.
Over the years, the sprawl of the Li & Fung empire started taking its toll, with CEO Spencer Fung explaining to investors not long after he took over the reins of the business that he realized the company had many business divisions but none that were particularly exceptional. He soon embarked on streamlining the business into sourcing and logistics. But while the company began pivoting,  supply chain pressures only accelerated and this coincided with the transformation of the retail landscape. Many of Li & Fung’s biggest clients were sunsetting retailers that struggled to adjust as the next generation of DTC and omnichannel retail concepts arrived on the scene.

Meanwhile, its brand management and licensing spin-off Global Brands Group has also been beset with problems. In mid-June, the Hong Kong Stock Exchange-listed group reported that its liabilities exceeded its assets by $899 million. The firm has been aggressively cutting costs and carving off its assets, revealing it would use the proceeds from the recent sale of its Spyder division in South Korea to keep the company operating instead of paying its debts that were past due.
SEE ALSO:
Delvaux Sets up Shop on Rue Saint Honoré in Paris

Richemont Nabs LVMH Veteran to Head Fashion Division

Delvaux’s Quiet Impact

Delvaux Is Up for Sale: Reports

Delvaux Is Up for Sale: Reports

LONDON — Belgian heritage luxury bag-maker Delvaux is looking for a buyer.
The brand’s owner Hong Kong billionaire brothers Victor and William Fung have reached out to potential buyers, and a sale could value the brand at around $500 million to $600 million, Bloomberg reported Monday, citing people with knowledge of the matter.
Sources told WWD that the Fungs were originally trying to sell the brand for $1 billion.
The Fungs took a majority stake in the 192-year-old bag brand via its subsidiary First Heritage Brands in 2011 with Singaporean state investment company Temasek.
The brand has since expanded into Asian markets, including China, South Korea and Japan, and opened flagships on New York’s Fifth Avenue, Bond Street in London and in the Palazzo Reina in Milan, as well as a temporary location on the Rue Saint-Honoré in Paris.

Delvaux has also accelerated its online business by adding e-commerce services to its U.S and European sites since the pandemic walloped consumer markets around the world. The brand works with JD.com to sell online in China.
At the same time, Delvaux has parted ways with its artistic director Christina Zeller, and shed 26 jobs at its Belgian headquarters, as the brand revealed plans to restructure operations in a bid to increase agility.
Delvaux is one of the few remaining fashion assets the Fung family hasn’t offloaded.

In 2017, Shandong Ruyi bought a 51 percent stake in struggling men’s wear retail unit Trinity — which includes Gieves & Hawkes, Kent & Curwen and Cerruti 1881 — from the Fungs.
French e-commerce entrepreneurs Eric and Michael Dayan bought Sonia Rykiel’s assets, which included the global trademark for all products and categories, and 50 years of archives and prototypes, in 2019 from the Paris commercial court. The house went into receivership in April after First Heritage Brands, which bought Sonia Rykiel in 2012, renounced turnaround efforts and abandoned an attempt at the start of this year to find a new investor.
Last July, private equity fund French Legacy Group acquired the storied French shoemaker Robert Clergerie from First Heritage Brands.
Both the Fung Group and Delvaux did not immediately respond to WWD’s requests for comment.
Related:
Delvaux Could Shed 26 Jobs at Belgian Headquarters
Robert Clergerie Has a New Owner: Sources
French E-commerce Entrepreneurs to Buy Sonia Rykiel Assets

Delvaux Could Shed 26 Jobs at Belgian Headquarters

Delvaux Could Shed 26 Jobs at Belgian Headquarters

PARIS — Delvaux is restructuring operations and could shed 26 jobs at its Belgian headquarters, according to a statement issued by the historic handbag maker.
The move is part of a plan to streamline operations in a bid to improve agility, the house said. “In order to meet current demands of the market and offer clients the high-end service they seek, the Delvaux Maison must imperatively improve agility,” it said, citing the need to improve logistics.
Delvaux plans to shift quality control and distribution operations to production sites in France. The headquarters, meanwhile, will remain in Belgium, where administrative and creative activities will remain, including producing prototypes and exceptional or made-to-measure products, according to the plans. The leather goods house has two production sites in France, the Avoudrey site in the Doubs region and Bourg-Argental site in the Loire region in Eastern France.

The company described a “costly and complicated” system whereby raw materials were inspected at the headquarters before being sent to France for production. The Belgian headquarters counts 155 employees, out of 624 worldwide.
“The restructuring plan sought by Delvaux is necessary to respond to logistical and financial needs today and to prepare challenges of tomorrow in a disrupted world economy,” said the company.
Before the coronavirus crisis walloped consumer markets around the world, Delvaux had undergone changes. The house reinstalled Marco Probst as chief executive officer in December 2019, replacing luxury goods veteran Jean-Marc Loubier, who stepped down. In his parting message, Loubier noted the house faced serious challenges when First Heritage Brands took control of it in 2011.
Loubier worked to raise the international profile of the prestigious Belgian label, known for a long-standing relation with the Belgian royal court as an official supplier since 1883, by building a store network abroad and investing in workshops in France and Belgium.
The brand has pushed into Asian markets, in China, South Korea and Japan, and opened flagships on New York’s Fifth Avenue, Bond Street in London and in the Palazzo Reina in Milan, as well as a temporary location on the Rue Saint Honoré in Paris.

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