Lancel’s transfer has come true at last. Swiss luxury Richemont holding announced they eventually sold Lancel to Emilian Piquadro. In the short release they issued to make public the transaction deal, the Swiss group firmly state that such agreement will not affect, to a relevant extent, their capital assets nor their cash flow. They expect, in fact, to achieve very good accomplishments by the end of the financial year (March 2019) anyway. Following Lancel’s buyout, carried out by Piquadro, Richemont will actually get some shares of the profits, achieved by Lancel group, in the next ten years since the closing deal. Looking at figures, the overall amount will not exceed 35 million euros. Lancel fashion house, headquartered in Paris and founded in 1876, manufactures and supplies prestigious luxury leather goods, as well as elegant gifts and accessories for men and women. The brand has developed a network (in 39 countries) of 60 corporate owned stores and 11 franchised ones. “We are extremely proud since Piquadro group have bought out a historical French brand, whose unique top quality has made it a style icon since 1876”, pointed out Marco Palmieri, president and managing director of Piquadro group. He also emphasized, “Such acquisition is part of a business strategy that aims to put together various accessory brands. We started it one year ago or so, when we bought out The Bridge, a historical Florentine leather goods brand, and we are well determined to keep implementing this strategy in order to create expanding synergies”. Looking at the financial year, ended on 31 March 2018, Lancel group’s overall revenues amounted to about 53 million Euros, while EBITDA was negative (around 23 million Euros). The important closing deal, recently signed, goes hand in hand with an unforgettable day for CEO Palmieri, who has been appointed “Cavaliere del Lavoro”, together with 24 more entrepreneurs, by Sergio Mattarella, President of Italy.
Very good news for Piquadro in a few days: CEO Palmieri has become “Cavaliere del Lavoro” and, meanwhile, they bought Lancel out
