Fung Brands Acquires the Belgian Luxury Leather Goods Company Delvaux

Paris, September 27th, 2011—Fung Brands Limited, the privately‐held investment firm headed by Jean‐Marc Loubier announced the acquisition of the luxury leather goods company Delvaux through its subsidiary DLX Holdings.

The Schwennicke family, which has owned and managed the House since 1933, will remain a significant 20% shareholder, thus ensuring continuity with the new shareholder. In addition, Christian Salez will remain Chief Executive Officer of the company.

The House of Delvaux is the oldest fine leather luxury goods company in the world.    Founded in Brussels in 1829, it has been a warrant holder to the Court of Belgium since 1883 and is renowned for its know‐how, the strong identity of its products, and its flawless quality.   Delvaux has production workshops in Brussels, Bourg Argental (France) and Hô Chi Minh City (Vietnam).  The company has 10 stores and 220 employees.

Fung Brands plans to develop the House of Delvaux by building upon its know‐how and history, updating the products range and introducing strong and quality international distribution. "The House of Delvaux is endowed with a long history, a very strong identity, and rare technical know‐how.    I am convinced that our project, based on the appreciation of this heritage, and our knowledge of the sector and international markets will enable us to make Delvaux a globally recognized luxury brand" said Jean‐Marc Loubier.

"I am very happy to pass on the House of Delvaux to Fung brands.   Their knowledge of the luxury sector, their sensibility to our know‐how and the quality of our products, along with their financial capacity will ensure the longevity of the brand and its international development," said François Schwennicke.

About Delvaux

Founded in 1829, the House of Delvaux is the oldest fine leather luxury goods company in the world.   Managed and held by the Schwennicke family since 1933, the company, whose head office is in Brussels, has three production workshops in Brussels, Bourg Argental (France) and Hô Chi Minh City (Vietnam).  The company has 10 stores and 220 employees.

About Fung Brands Limited

Fung Brands Limited is a subsidiary of Fung Capital Limited, the investment arm of the families of Dr Victor Fung and Dr William Fung, who separately control the Li & Fung Group. Fung Brands invests in high‐end and luxury companies or brands with a strong identity and original know‐how. It brings adeep knowledge of the sector, a strategic vision, international know‐how and financial support. It is notably since April 2011 the owner of the French luxury shoe brand Robert Clergerie.

About Jean‐Marc Loubier

Jean‐Marc Loubier is the CEO of Fung Brands Limited.  He is a recognized executive in luxury, fashion and retail business, with extensive international expertise.   Over a 16 year period, he held key managerial positions within the LVMH Group, notably as Deputy Director General of Louis Vuitton Malletier, and as President and CEO of Céline. In 2007 he joined the Escada Group as Group CEO in Munich where he implemented a major restructuring.  Since 2008 he has been advising international companies in Asia and Europe.

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