Belgium’s Delvaux, the world’s oldest leather goods maker, older than the country itself, is looking for new investors, industry sources told Miss Tweed. The process marks the end of a 10-year foray into fashion and luxury by Hong Kong billionaires Victor and William Fung, scions of the Li & Fung trading, distribution and retail empire. It is also the end of the game for their venture’s CEO and partner, Jean-Marc Loubier, a former LVMH executive.
Delvaux, known for its Magritte-inspired, high-quality handbags, is the pride of Belgium. It was founded in 1829, one year before the Belgian state was created and before prestigious Hermès started in 1837. A purveyor to the royal family since 1883, Delvaux says it is the inventor of the modern handbag, having filed its first handbag patents in 1908. But from a communications point of view, it has struggled to stay relevant in the competitive luxury handbag market and build an identity beyond its heritage and Belgian roots.
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