How luxury handbag label Delvaux, the ‘Hermès of Belgium’, made an incredible comeback, with China the key

Leather goods house Delvaux was close to bust in 2011, but ex-Louis Vuitton executive Jean-Marc Loubier saved it and turned it into a must-have brand in Asia

Loubier says his goal has always been to make it into a billion-dollar brand and that he weathered the pandemic by focusing on local customers in key markets

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Published: 7:15am, 14 Jun 2022

When French luxury entrepreneur Jean-Marc Loubier bought leather goods house Delvaux in 2011, the Belgian brand was in its death throes. Its workshop was about to close and the company’s once-revered bags were seen as ones your grandma might use.

Established in 1829, Delvaux has been an official purveyor to the Royal Court of Belgium since 1883. Known for its luxurious handbags such as the Brillant and the Tempête, the label sits at the top of the luxury pyramid and is often referred to as the Hermès of Belgium.

When Loubier, who had previously worked as the number two at Louis Vuitton and then as head of Celine, started shopping the brand around to possible co-investors, he received a tepid response. However, he saw a great deal of potential in the historic maison and persevered in his pursuit of it.

He finally managed to acquire it by partnering with Hong Kong-based supply chain company Li & Fung and Singapore-based holding company Temasek. After they teamed up, Loubier established First Heritage Brands, with ambitions for it to become the first luxury group out of Asia.

“The principle was to invest in troubled companies that we could develop,” says Loubier during an interview in Brussels, where Delvaux is based.

Besides Delvaux, the group acquired struggling shoemaker Robert Clergerie and ready-to-wear label Sonia Rykiel. While the company had a hard time resurrecting those two, Delvaux proved to be a success, especially in the Asia-Pacific region, where its popularity shot up in just a matter of years.