Richemont Group closer to the sale of its soft luxury division
According to recent Citigroup estimates, world’s second largest luxury group, Swiss based Richemont could cash 1,86 billion euro for the sale of its soft-luxury (fashion/acccessories) division which includes Lancel, Chloé, Alfred Dunhill, Shanghai Tang, Purdey, Azzedine Alaïa and Peter Millar. Net-A-Porter which is also owned by Richemont Group could raise as much as 2,28 billion euros if an IPO strategic decision would be taken by the group.
So far, Richemont has formally confirmed its intentions to sell Lancel, ruling out any sale or IPO of Net-A-Porter. According to insider sources, offers for Chloe, Shanghai Tang and Alfred Dunhill would be taken into consideration, tentatively, on a case by case business. Besides Net-A-Porter which it acquired last year, Richemont is unlikely though to sell Azzedine Alaïa, the fastest growing brand within its soft luxury division. Alaia inaugurated last month a lavish Couture and flagship Maison in Paris.