Malletier has sold its stake in the French leather goods company Le Tanneur. Louis Vuitton Malletier’s parent company LVMH Moët Hennessy Louis Vuitton has confirmed that 375,000 Le Tanneur share were sold to investors in December for €3.9 million. The group of investors included Le Tanneur president Hervé Descottes.
Vuitton owned just over a quarter of Le Tanneurs total shares. It purchased a third of the company’s shares in 1999 when it signed a licensing deal with the leather goods specialist to produce leather goods for Michael Kors. The designer was the then-designer of Celine, the luxury fashion brand owned LVMH. However, Le Tanneur had difficulty growing as fast as the luxury goods firm’s other brands. In 2005 the company finally broke even with sales of €45.7 million, up 5.2 percent from 2004. Nowadays, the company manufactures the Le Tanneur and Soco brands.
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