Delvaux revenue plunges 43 percent as Richemont pledges financial support
Belgian leather goods house Delvaux saw sales collapse in the 2025/26 financial year, with its net loss widening to 43.4 million euros. Owner Richemont is stepping in.
Symbolic image · Photo: Modwde Namoes Swealgo / Wikimedia Commons, CC BY-SA 4.0 (cropped and resized)
Belgian leather goods brand Delvaux suffered a sharp drop in revenue in the financial year to the end of March 2026. According to the accounts of Delvaux Créateur SA filed with the National Bank of Belgium in October, revenue fell 43.3 percent to 40.7 million euros from a revised 71.8 million a year earlier. The net loss widened from 33.0 million to 43.4 million euros, and the operating loss rose 32.3 percent to 42.18 million euros.
Revenue in Belgium grew 11 percent to 21.5 million euros. In the rest of the EU, however, it fell from 23.15 million to 1.58 million euros, while exports dropped 39.9 percent to 17.6 million. The accounts give no explicit explanation for the decline; the management report notes that sole shareholder Richemont distributes the products outside Belgium directly.
"This restructuring of the store network enabled a return to growth in the second half of the financial year," the board wrote. Delvaux now plans to focus on local clients, high-potential new territories and the renovation of existing stores. Richemont has issued a letter of support committing to provide financial backing until September 2027.