Swiss luxury house Richemont has entered into an agreement with Tercade SA, a holding company controlled by Olivier Goldberg, for the sale of its interest in its subsidiary, Old England SA.
The transaction will have no material impact on Richemont's balance sheet, cash flow or results.
Based in Paris, Old England operates a flagship department store on Boulevard des Capucines as well as stores in Lyon and Toulouse. It also has a number of points of sale in Japan. The Old England stores feature the best of English design in terms of clothing and accessories.
Richemont group encompasses several of the most prestigious names in the luxury industry including Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, Jaeger-LeCoultre, IWC, Dunhill and Montblanc.
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