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Nov 8, 2013
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Richemont CFO says didn't want to sell Lancel at a low price

By
Reuters
Published
Nov 8, 2013

ZURICH - Luxury goods group Richemont has considered selling its Lancel leather goods business but decided against it because it could not obtain a good price, the group's financial officer told journalists on Friday.


"If we wanted to sell the fashion businesses -- and we don't -- that would mean a huge destruction of shareholder value," Gary Saage said in a newswire call on the group's interim results, adding selling for too low a price didn't make sense.

He said Lancel was the only brand Richemont had actively looked to sell. "The speculation on Lancel was warranted, I won't deny that. We told employees we were pursuing strategic options," he said.

"We can add value to all businesses if the management is right," he said. He said he believed Richemont now had the right people in place at Dunhill and Montblanc.

(Reporting by Silke Koltrowitz)

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