// French textiles business Chargeurs has completed its acquisition of The Cambridge Satchel Company
// Chargeurs have said the acquisition will help it accelerate the expansion of its British leather goods company, Swaine
Cambridge Satchel Company has been sold to the French textile company Chargeurs while three directors at the business have also resigned.
Two senior executives from Chargeurs have been appointed in their place alongside the specialist bag retailer‘s founder Julie Deane CBE, who remains a director.
Launched back in 2008 by Deane, the company quickly became a social media phenomenon thanks to a raft of celebrity clients including Taylor Swift and Lady Gaga.
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But the success didn’t stand the test of time as Cambridge Satchel has not made a profit since 2014 and last year it was revealed to have lost almost £2 million.
In a statement, Chargeurs said the acquisition would help it accelerate the expansion of Swaine, its British luxury leather goods business, and improve its operating profitability as it will benefit from Cambridge Satchel’s production base and expertise in marketing and ecommerce.
The move will also provide Cambridge Satchel with “strong potential for premiumisation and international expansion”.
Chargeurs has over 2,000 people employed across textile technology, fashion and healthcare industries and operates in around 90 countries.
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