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Richemont’s New Brand Is a Long-Term Play

The conglomerate has acquired Delvaux, a 200-year-old handbag brand that has seen rising sales in recent years. But the deal doesn’t help Richemont close the soft luxury gap with rivals Kering and LVMH.
Delvaux store on London's New Bond Street. Getty.
Delvaux store on London's New Bond Street. Getty. (SOPA Images)

At first glance, Richemont’s acquisition of Delvaux, a 200-year-old brand best known for its high-end, satchel-style handbags, is a head-scratcher.

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