Richemont, a Swiss luxury group, had been informally looking for possible buyers for its fashion brand Chloe. This month, the company had received a non-binding offer from Change Capital, a private equity firm. The offer of Change Capital was for Richemont's leather goods maker Lancel, said sources that were familiar with the matter.
The disposals are part of Richemont's strategic move in more than a decade. This was after the world's second biggest luxury group focuses on its watch and jewelry brands. This would include brands such as Van Cleef & Arpels, Cartier and Lange & Soehne.
Earlier this year, Richemont said that it would offload poorly performing businesses. Analysts had taken this as a sign that the luxury group was finally ready to sell some of its brands. According to some sources, Richemont was also considering to sell its watch brand, Baume & Mercier.
According to sources, Richemont would find it difficult to sell Lancel. Meanwhile, Change Capital Partners had made a bid for the leather goods maker as of its experience in turning around businesses, said sources.
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