Hong Kong billionaire brothers Victor and William Fung have reached out to prospective buyers as they look to sell their stake in the 192-year-old Belgian luxury bag brand, Delvaux, according to a Bloomberg report.
The brothers are working with advisers on a sale that could value Delvaux at between $500 million and $600 million, according to unidentified sources cited by the report.
Victor and William Fung acquired the stake together with Singapore state investment company Temasek Holdings in a 2011 deal, giving the two parties majority control of the company.
Deliberations are ongoing and the Fungs could decide to keep their stake in the business, according to the report. Representative for Fung Group and Delvaux had no immediate comment.