June 4, 2018 / 5:45 AM / a year ago

Richemont sells luxury leather bagmaker Lancel to Piquadro

ZURICH, June 4 (Reuters) - Richemont has completed the sale of its French leather bag maker Lancel to Italian leather goods company Piquadro, the luxury goods maker said on Monday.

Richemont, the owner of Cartier jewellery as well as watch brands including Piaget and IWC, said the deal would have no material impact on its balance sheet, cash flow or results for year ending 31 March 2019.

Terms of the deal for Lancel, which has struggled in recent years, were not disclosed. (Reporting by John Revill, editing by John Miller)

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