“At present no binding documents have been signed and due diligence activities have just started”, Piquadro says in a statement. “If the outcome of is positive and the parties reach a definitive agreement on the terms and conditions of the acquisition, the transaction could be finalised by mid-2018.”

Founded in Paris, France, in 1876, Lancel was handed over to the Zorbibe brothers in the late 1970s, who then developed the global retail chain of stores. In 1997, Richemont acquired Lancel for €270 million.

In November 2016, as part of a distribution, industrial and financial strategy, Piquadro acquired an 80% stake in Il Ponte Pelletteria, the Florentine company which owns luxury leather goods brand, The Bridge. Read more here.

Sources: Reuters/Pambianco News