Belgian luxury brand Delvaux has reduced its debt burden. The Swiss parent company Richemont has canceled debts worth 100.6 million euros, as reported by the Belgian newspaper De Tijd. The debt was converted into shares.
This will strengthen Delvaux’s balance sheet. It is not the first time that the Belgian brand has received help from its Swiss parent company. A loan of 90 million euros was granted in 2022. This happened shortly after Richemont took over Delvaux in 2021.
Founded in 1829, Delvaux is considered the oldest luxury leather goods company in the world.
Note d. Editor: Neither Richemont nor Delvaux commented on the debt relief at the time of publication.
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