Lancel was France's top leather brand — then Richemont spent €270M on a mistake

Lancel was founded in 1876 by Angèle Lancel in Paris, initially making pipes and umbrellas before moving into luggage and leather goods. By the mid-20th century, Lancel was one of the top three luxury leather goods brands in Europe, alongside Louis Vuitton and Hermès. The brand was known for its craftsmanship and its iconic 'waterproof' canvas bags.

In 1997, Swiss luxury group Richemont acquired Lancel for €270 million ($375 million). The acquisition was meant to give Richemont a foothold in the leather goods market, but Lancel struggled under its new owner. A 2013 Reuters article described Lancel as 'a risky bet on a struggling brand.' Richemont hired Nomura to find buyers but could not sell the brand for years.

In 2018, after 21 years of ownership, Richemont finally sold Lancel to Italy's Piquadro Group. The sale price was not disclosed but was widely reported to be a fraction of the €270 million Richemont had paid. The brand that had once competed with Louis Vuitton and Hermès was now owned by a small Italian leather goods company.