Tiffany and Co. has just purchased embattled label Lambertson Truex from Samsonite in a surprise move.
Richard Lambertson and John Truex will join Tiffany & Co., effective Monday, according to spokeswoman from Tiffany & Co.
Lambertson and Truex will explore the development of a collection of leather accessories for Tiffany & Co.
"We have long admired the design talents and classic elegance of the Lambertson and Truex team and classic elegance of their brand and believe it is a perfect match for Tiffany," said Michael J. Kowalski, chairman and chief executive officer, Tiffany & Co. "It is not often that talent of this caliber becomes available, creating a unique opportunity for Tiffany to broaden our accessories offerings."
Lambertson Truex in currently in a Chapter 11 bankruptcy proceedings and was facing liquidation if a white knight didn't show up. It's a very happy ending for the ten year old luxury accessories company.
