Delvaux posts wider losses as revenue plunges, Richemont continues support

Delvaux, the Belgian luxury leather goods maker owned by Richemont, recorded a sharp drop in revenue and a wider net loss in the financial year ended March 31, 2026. The figures relate to Delvaux Créateur SA, the Belgian entity behind the brand. The annual accounts were filed with the National Bank of Belgium on October 15, 2026.

Revenue fell by 43.34 percent to 40.69 million euros, compared to a revised revenue of 71.81 million euros in the previous year. The net loss widened from 32.98 million euros to 43.42 million euros. The operating loss increased by 32.33 percent to 42.18 million euros.

Sales in Belgium rose by 10.98 percent to 21.51 million euros, while sales in the rest of the European Union dropped to 1.58 million euros from 23.15 million euros. Exports decreased by 39.88 percent to 17.60 million euros.

Services and miscellaneous goods cost 36.17 million euros, representing approximately 89 percent of revenue, compared to 56 percent in the previous year. Depreciation rose to 4.32 million euros from 2.84 million euros. The annual accounts do not provide an explicit explanation for the revenue decline. However, the management report notes that the distribution of Delvaux products outside Belgium is handled directly by Richemont, the sole shareholder of the Delvaux group.

The board of directors views the new direction as a step forward. “This restructuring of the store network enabled a return to growth in the second half of the financial year,” the board of directors wrote in the annual report. The report refers to a strategic review that prioritises local clients, high-potential new territories and the renovation of existing stores.

Letter of support

For the medium term, the company states it will further develop this strategy. Richemont has issued a letter of support committing to provide Delvaux, directly or indirectly, with all necessary financial support until September 9, 2027. On this basis, the board of directors has prepared the annual accounts under the assumption that the company will continue its operations.