SWITZERLAND. Swiss luxury goods group Richemont has completed the sale of French luxury leathergoods company Lancel to Italian company Piquadro.

Richemont said the transaction will have no material impact on Richemont’s balance sheet, cash flow or results for the year ending 31 March 2019.

Richemont bought Lancel back in 1997 for US$346 million. According to Bloomberg, the leathergoods maker had been grappling with weak consumer spending in its largest market, France, in recent years.

In the year ended 31 March Lancel reported sales of about €53 million (US$62 million) and lost €23 million before interest, taxes, depreciation and amortisation.

The sale of Lancel follows Richemont’s recent acquisition of Watchfinder.co.uk Limited, marking the luxury company’s entry into the burgeoning pre-owned watches market.