Cardinal Invest, owner of the French luxury manufacturer Groupe Lécuyer, has acquired Moreau Paris, a storied 19th-century French trunk maker born during the same fizzy era as Louis Vuitton, Goyard and Moynat.
Financial terms were not disclosed.
Cardinal Invest was declared the victor Thursday after a court-supervised sales process of all key brand assets for Moreau, famed for its wicker-inspired monogram introduced in 1882.
Richard Morgan, whose investment advisory represented Asteren, the liquidator, had received strong interest from dozens of strategic and financial investors across Europe, Asia and North America.
The sale process commenced in June and binding offers were due by July 9, with the Paris Commercial Court selecting the best buyer by taking into account the offer price, the financial capacity of the bidder and its development plan.
A tote bag by Moreau Paris.
Courtesy of Moreau Paris
“Our ambition is to build on everything that makes the maison unique while investing in its products, craftsmanship and global development,” Charles Odend’hal, chief executive officer of Groupe Lécuyer, said in a release from Asteren shared exclusively with WWD. “Moreau possesses an extraordinary history, an international clientele and significant growth potential.”
Owned by the Odend’hal family and based in Normandy, Groupe Lécuyer boasts more than three centuries of manufacturing expertise “covering the full value chain in leather goods and textile production,” according to the release.
The group is a pioneering ribbon manufacturer in France that employs a total of about 800. Its clients include luxury brands as well as industrial concerns in various sectors looking for its straps, ribbons and nets.
“The acquisition provides Maison Moreau with strengthened industrial capabilities, enhanced product development, expanded international distribution and long-term financial support while preserving the maison’s distinctive identity and craftsmanship,” Asteren said. “The expertise of Groupe Lécuyer will complement Maison Moreau’s established Italian production.”
Founded by the descendants of master cabinetmaker Louis Moreau, who first established his business on the Rue Saint-Honoré in 1764, Moreau Paris went dormant at the beginning of the 20th century and was revived in 2010 by entrepreneur Veronika Rovnoff and her brother Fedor Georges Savchenko.
Onward Luxury Group acquired Moreau in 2016 and accelerated its international expansion, opening a flagship on the Rue du Faubourg Saint-Honoré in Paris and growing brand awareness in Japan.
A group of retail entrepreneurs, led by a majority investor in Japan, bought Moreau from Onward in 2020, and opted for a court-supervised sale when protracted negotiations with a landlord spiraled into a larger process.
The procedure offered prospective buyers a clear path to acquiring trademarks, intellectual property, the distribution network, digital assets, inventories, collections and a Japanese subsidiary.
According to Morgan, Moreau had north of 10 million euros in annual sales in recent years amid strong demand for leather goods globally.
Roughly 80 percent of its revenues have been generated outside of Europe through three directly operated stores in Japan — where sales grew 30 percent between 2022 and 2025 — and franchise boutiques in Mexico City, Manila in the Philippines and Houston, where a boutique opened last December.
The Paris boutique was closed temporarily pending the decision of the court.
Moreau markets leather bags, like its top-handle Sophie model, plus monogram canvas or leather tote bags, which are manufactured in Italy.
Morgan said the deal underscores the enduring attractiveness of France’s luxury and consumer goods sector to investors. Moreau Paris is considered one of the last independent Paris monogram houses.
A watch trunk by Moreau Paris.
Courtesy of Richard Morgan Advisory
