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Richemont completes sale of Lancel to Italy's Piquadro

Compagnie Financière Richemont SA on June 2 completed the sale of its wholly owned French luxury leather goods and handbags maker Lancel to Italian travel leather goods company Piquadro SpA.

Financial terms of the deal were not disclosed, but the Swiss luxury goods company said in a June 4 statement that the transaction will have no material impact on its balance sheet, cash flow or results for the fiscal year ending March 31, 2019.

The move comes less than three months after Richemont and Piquadro entered into exclusive negotiations about a potential deal for Lancel.

It also follows Richemont's June 1 announcement that it agreed to acquire pre-owned watch retailer Watchfinder.co.uk Ltd.