PARIS — Fung Brands Limited, the privately held investment firm headed by Jean-Marc Loubier, has acquired the Belgian luxury accessories brand Delvaux through its subsidiary DLX Holdings.
WWD reported on July 7 that Fung was in discussions to acquire Delvaux.
The Schwennicke family, which has owned and managed Delvaux since 1933, will hold 20 percent. Christian Salez will remain chief executive of the company.
Fung Brands said it plans to develop Delvaux by building upon its know-how and history, and by updating the product range and rolling it out internationally.
“The House of Delvaux is endowed with a long history, a very strong identity, and rare technical know-how,” Loubier said. “I am convinced that our project, based on the appreciation of this heritage, and our knowledge of the sector and international markets will enable us to make Delvaux a globally recognized luxury brand.”