Richemont forgives 100 million euros of debt for Belgian brand Delvaux

Belgian luxury brand Delvaux has had its financial burden lightened. Parent company Richemont has forgiven 100.6 million euros (118.7 million dollars) of its debt, according to a report by Belgian business-focussed newspaper De Tijd. The debt has been converted into shares.

This move strengthens Delvaux's balance sheet. It is not the first time the Belgian brand has received help from its Swiss parent company. A loan of 90 million euros was provided in 2022, shortly after Richemont acquired Delvaux in 2021.

Founded in 1829, Delvaux is known as the world's oldest luxury leather goods company.

At the time of publication, neither Richemont nor Delvaux had commented on the debt restructuring.

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