London 30 June – Stanhope Capital Group, Group, the global independent wealth management and advisory firm overseeing USD 26 billion in client assets, has advised First Heritage Brands on the sale of Delvaux to Richemont. Financial terms of the transaction have not been disclosed.
Founded in 1829, Delvaux is the oldest fine leather goods house in the world. Created in Brussels by the innovative Charles Delvaux, the company has remained at the forefront of luxury leather goods for nearly two centuries. Delvaux filed its first patents for handbags in 1908 and has created more than 3,000 handbag designs over its history. First Heritage Brands acquired a majority stake in Delvaux in 2011.
Richemont, the owner of prestigious Maisons, recognised for their excellence in jewellery, watches, fashion and accessories, and distinguished by their craftsmanship and creativity, has acquired First Heritage Brands’ majority stake in Delvaux, alongside the minority stake held by the family shareholders.
Pierre Mallevays, co-head of Merchant Banking at Stanhope Capital Group, commented, “Delvaux is a unique brand in the luxury leather goods market, with an unrivalled heritage and reputation for and the highest quality. We are pleased to have worked with First Heritage Brands and the family in this transaction.
“This transaction marks further consolidation in the luxury sector as well as an important strategic move, as Delvaux was one of the last heritage brands in leather goods to remain independent.”
Stanhope Capital Group’s merchant banking unit has been active in a range of sectors including consumer, media, agribusiness, technology and mining.
Stanhope Capital Group:
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About Stanhope Capital Group
Stanhope Capital Group is a global investment firm providing asset management and advisory services to private clients, institutions, corporations and charities around the world. After the merger with FWM Holdings announced in November 2020, the Group oversees over USD 26 billion in client assets and employ 140 people from 6 offices (London, Geneva, Paris, New York, Philadelphia and Palm Beach). Founded in 2004 by Daniel Pinto, Stanhope Capital offers a full range of services – wealth management, consulting, private investments and merchant banking – in an environment where the interests of partners and employees are aligned with clients. The firm’s mission is to combine state-of-the-art investment expertise with the objectivity, transparency and high service standards of an independent investment house.