VENDOME BUYS 90% OF LANCEL
PARIS — The Vendome luxury group has completed the purchase of 90 percent of Lancel, a major French leather goods company.
In August, as reported, Vendome said it was purchasing the majority of Lancel in a deal that valued the French firm at $234.4 million (342 million Swiss francs). The remaining 10 percent of Lancel is held by president Jean Zorbibe, and his stake will likely be bought up by Vendome over the next several years.
Lancel will join Vendome’s stable of luxury brands, which includes Cartier, Alfred Dunhill and Montblanc, and luxury watchmakers Piaget and Baume & Mercier.