LONDON — Compagnie Financiere Richemont SA, the Switzerland-based luxury goods company, has sold the French department store Old England SA to Tercade SA for an undisclosed price.
Tercade is a holding company controlled by Olivier Goldberg. “Old England was not a core part of our luxury business,” said a Richemont spokeswoman. She declined further comment. The statement said the transaction would have no material impact on Richemont’s balance sheet, cash flow or results. The disposal follows that of English men’s wear brand Hackett Ltd., which Richemont sold last summer to Torreal S.C.R. SA, a Spanish investment company, for an undisclosed price.
Old England operates a 21,600-square-foot flagship on Paris’ Boulevard des Capucines and has two other stores, in Lyon and Toulouse. The high-end store specializes in the sale of traditional English brands including Turnbull & Asser, Church, and Smythson.
This story first appeared in the March 22, 2006 issue of WWD. Subscribe Today.