Victor and William Fung, the brothers who are two of the main shareholders in Belgian luxury brand Delvaux, are said to be looking to sell their stake in the 192 years old hand bag producer.
Half a billion
The Hong Kong-based brothers have already hired specialised advisers, Belgian newspaper De Tijd writes, citing Bloomberg. The asking price is said to be between 415 and 500 million euros. The Fung brothers and former CEO Jean-Marc Loubier own 80 % of the Delvaux shares, the rest is in the hands of the Belgian Schwennicke family, who acquired the luxury brand from the founding family in 1933.
Delvaux has been struggling to cope with the Covid-19 crisis as sales have decreased greatly. As a result, Delvaux had to announce a major restructuring in Belgium, meaning 26 of the 155 positions in Belgium are being cut.
