Victor and William Fung, Hong Kong’s billionaire twins, are considering selling their share in Delvaux, a 192-year-old Belgian luxury leather bagmaker, according to people familiar with the matter.
The Fungs are consulting with advisors and have reached out to potential suitors about the asset’s potential divestiture, the sources said. A sale could value the bagmaker at between $500 million and $600 million, according to the people, who requested anonymity due to the nature of the details.
The brothers acquired the stake in the company along with Singaporean state investment company Temasek Holdings Pte in a 2011 transaction, they said, giving the two parties majority ownership of the business.
According to sources, discussions are underway and the Fungs may decide to retain their stake in the company. Fung Group’s representative did not immediately respond to a request for comment. Temasek’s spokesperson refused to comment.
According to the brand’s website, Charles Delvaux founded the brand in 1829 in Brussels and was awarded the title “Purveyor to the Court” in 1883 for supplying leather products to the Belgian Royal Court.
The Fung brothers and Temasek have been expanding the brand’s store network and online offerings, especially in China. According to Delvaux’s US website, prices for the Brilliant pack, which features a top handle and a buckle lock, begin at $4,700.