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.
"I think that all anyone really wants in life is to have people understand us for who we actually are, despite everything," says Ruth Negga. The actress talks "Preachers" season 2 and more on WWD.com. #wwdeye (📷: Dan Doperalski)
"That's something that resonates with me too because I'm so locked into a number. If I go over that number it completely ruins my day so it's nice to get detached from the number on the scale." - Chelsea Handler on Kelly LeVeque's book "Body Love." #wwdeye (📷: John Salangsang)