Richemont acquired the Belgian brand Delvaux from First Heritage Brands, a vehicle of Hong Kong billionaire brothers Victor and William Fung.
Historic leather goods house Delvaux announced plans to restructure operations in a bid to increase agility.
No immediate replacement named, studio team to oversee collections for the time being.
Jean-Marc Loubier has stepped down as ceo but is still president of the Belgian label’s owner, First Heritage Brands.
Isabelle Huppert and Virginie Ledoyen were among the guests spotted relaxing at Delvaux’s beach bar.
The e-commerce site is banking on wealthy local clients to boost the circular economy.
Sources said the loss-making French house is for sale, but a spokesman said it was looking for a partner to “increase its development.”
Buyers have had their eyes on contemporary labels such as Wandler, By Far and Manu Atelier, which are setting trends, diversifying their offers and helping shift consumer behavior.