The Galeries Lafayette group, which formerly held 51% of the e-tailer’s capital, will acquire the entire company. Nathalie Balla and Eric Courteille will leave the company. Philippe Berlan has been appointed as CEO.
French leather goods label Lancel, owned by the Piquadro group, recorded sales worth €21.4 million in Q3, equivalent to a 28.8% rise, and accounting for a 46.9% share of the Italian group's total sales.
Furla is reorganizing its management, confiding the role of president to current CEO Alberto Camerlengo, who will be replaced as chief executive by Mauro Sabatini, previously head of leather goods manufacturer Effeuno.
The French Haute Couture and Fashion Federation has created the position of manager in charge of initiatives for emerging labels, appointing to the role Serge Carreira, who formerly worked for the Prada group.
Richemont, France's second largest luxury group, announced on Tuesday the departure of Eric Vallat, the head of its fashion and accessories division. Vallat will pursue professional opportunities outside of the group.
Revenue for the Italian leather goods group led by Marco Palmieri soared to €147.5 million in 2018-19 driven by Lancel, with a net financial position of €25.6 million. The revenue target for 2019-20 is €160 million.
The YNAP buy lit a rocket under Richemont sales last year, but it dented profitability. Yet the group remains strong with jewellery and watches buoyant while Chloé and Dunhill have seen good reactions to new products.