Belgian luxury brand Delvaux acquired by Chinese group
The group Fung Brands from Hong Kong is taking a majority stake in the Brussels leather company Delvaux, one of Belgium’s flagships in the sector of luxury brands. The Schwennicke family, who owns the company now, will keep a minority interest. After 182 years, Delvaux, the symbol of expensive luxury products, will no longer be Belgian.
Delvaux, which is the official supplier for the Belgian royal family since King Leopold II, has three shops in Belgium, in Brussels, Antwerp and Bruges. However, it is also gaining ground on the Asian market, in China and Hong Kong more particularly. In the US, Delvaux is carried in several department stores, including Barneys.
Taking this in consideration, it is not a surprise that a Hong Kong-based group is becoming the new owner. Delvaux had announced that it was looking for a business partner last year. Fung Brands boasts several distribution channels in Hongkong, China and Japan. The takeover would not have any consequences for the employees. For the moment, the production takes place in Belgium (hand-made products are manufactured in Brussels), in Vietnam and in France.