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Lambertson Truex, the luxury American accessories brand, is on the selling block.
This story first appeared in the December 19, 2008 issue of WWD. Subscribe Today.
Samsonite, the luggage maker, acquired a controlling stake in the New York-based firm in 2006.
“It’s true we’re considering selling our stake in Lambertson Truex,” said Richard Brett, global vice president of marketing and communications at Samsonite’s offices in London. “We want to focus on our core volume brands and brand extensions.”
Samsonite has several brands under its luxury Black Label line, including lines designed by Alexander McQueen and Viktor & Rolf.
Richard Lambertson, who founded Lambertson Truex a decade ago with John Truex, confirmed that the company is for sale. When it was purchased by Samsonite in 2006, industry sources estimated the brand to have annual sales of $50 million.
“John and I are actively looking for a financial partner to take off where these proceedings [began],” said Lambertson. “Samsonite, up until now, has been a great partner. They helped us open the three stores. We would never have been able to do it without their support.”
Lambertson Truex caters to a wealthy clientele of women and men, with bag prices averaging at $3,000 to $5,000 and exotic skin pieces that can climb upward of $16,000.
In the past two years, Lambertson Truex opened its first stores, in New York, Los Angeles and Las Vegas. The stores bowed at a time when many upscale accessories boutiques, such as Mulberry and Roger Vivier, opened units in the U.S.
Truex’s shops are a lavish home for the brand’s exotic skin bags, leather satchels and footwear. The stores also have a bespoke element in which customers can customize their own designs with prices that range from about $3,000 to $25,000.
The brand also has distribution in Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, in addition to other specialty doors.