Sankyo Seiko Co a has just announced the acquisition of the French luxury house Léonard Paris.
The owners of Léonard Paris, its co-founder Daniel Tribouillard and his daughters Nathalie, president and CEO, and Virginie, general manager, have sold the luxury house to their Japanese partner, Sankyo Seiko. The latter is a listed group active in textiles and real estate in Japan. The two entities had begun negotiations last November.
As part of this operation, Sankyo Seiko will acquire 0.68 million shares. As of December 2021, Leonard Fashion Sa reported net assets of EUR 9.18 million, total assets of EUR 14.7 million, sales of EUR 8.53 million, net profit of EUR -0.87 million and operating profit of EUR -0.271 million.
Financial details of the agreement were not disclosed.
Founded in 1958 by Jacques Léonard, who entrusted the creation and management to Daniel Tribouillard, the company was launched with the support of Christian Dior. A “fundamental gift” , according to the founder. The brand, which sells dresses starting at 1,170 euros and accessories, quickly seduced Japan, which became its first market since the 1980s. It is also the only French brand to have sold kimonos in Japan, where it now generates 60% of its business. In the archipelago, there are no less than 70 stores, compared to 6 in Europe, including 3 in France.
This Japanese rise was made possible by the local partnership established in 1969 with Sankyo Seiko. “Japan is deeply linked to the life of the company. Our style, with its floral motifs, is inspired by their culture” explained in 2017, Nathalie Tribouillard. Sankyo Seiko then develops, produces and distributes, a collection of ready-to-wear Léonard specific for the Japanese market. It is not surprising that Léonard has decided to find a partner of long standing.
The group’s goal is clearly to continue the expansion of Leonard in Asia, building in particular on its presence in Japan, according to the statement.
The label will retain its place in the Paris fashion week calendar and its spring-summer 2023 collection will be the first show under the new owner’s direction.
Featured photo : © Léonard Paris