richemont in talks to sell lancel to italy\'s piquadro in fashion revamp
Lifeng luxury group (CFR. S)
Exclusive negotiations are under way on selling its underperforming French lankell leather brand to the high end of Italy
Piquadro (final briefcase manufacturer)PQ. MI)
Get its struggling fashion and accessories business back on track.
According to Piquadro, the acquisition of Lancel is expected to be completed in the first half of 2018, according to due diligence and final agreement.
The group, known for Cartier jewellery and IWC, declined to comment. Switzerland-
Headquartered in Richemont, Richemont re-adjusted its management in order to solve the problem of the watch brand, but failed to sell lankol in 2013, but reorganized it.
Its \"other\" division, which also includes Montblanc pens, dundunhill clothing and Chloe handbags, accounts for about 17% of the group\'s sales, and for years Dunhill and Lancor have been working to restore sales growth.
Analysts estimate sales at 130
0. 15 billion euros.
Luca Solka of Exane BNP parisba said he expects lankol to lose \"at least 40 million euros\" per year, adding that the withdrawal is a small one for Richemont.
Jon Cox of Kepler Cheuvreux said that after the recent turnaround attempt, the business may have collapsed even now, but he could not imagine that the sale price was the sale price.
\"Judging from the renewed sense of urgency generated by Lifeng, this is a positive factor,\" Cox said . \" He added that although Deng Hill now shows signs of stability, the focus will now shift to DengFor Bologna-
Piquadro, which is based in Piquadro, has annual sales of 76 million euros and owns 99 boutiques. the acquisition of Lancel will be an important step after the acquisition of Tuscan leather goods manufacturer the Bridge at the end of 2016.
Piquadro\'s share price rose by 3. 4 percent to 1.
GMT was 1330 euros, while Richemont\'s share price remained flat at 84 euros. Swiss francs 78.
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