The luxury conglomerate said Wednesday it has acquired 100 percent of the Belgian-based leather goods maison in a private transaction from First Heritage Brands, owned by Hong Kong billionaires Victor and William Fung. The brothers took a majority stake in the company in 2011 with Singapore state investment company Temasek Holdings. The financial details of the deal have not been disclosed.

Richemont will invest in expanding the leather goods brand’s global presence beyond the network of 50 boutiques that currently sell its hand-crafted pieces worldwide. The company will also focus on building up Delvaux’s retail channels, particularly its digital capabilities.

Richemont hopes the acquisition will strengthen its position in the leather goods category, said Philippe Fortunato, chief executive of fashion and accessories maisons at Richemont. The company said the deal will have no material financial impact on its operating results for the year ending 31 March 2022.

In April, Bloomberg reported First Heritage Brands was exploring a Delvaux sale. Sources cited in the report estimated the Belgian brand would be valued between $500 million and $600 million.