Richemont agrees to sell Lancel

Bloomberg reports that Richemont will be selling Lancel to Italy-based company Piquadro SpA.

The divestment comes after more than a decade Richemont bought Lancel. Richemont considered selling the brand in 2013 and hired Nomura Holdings to find a buyer.

It's reported that Lancel has been holding back Richemont's growth in fashion and accessories.

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