According to Forbes, the family behind the Longchamp line of high-end handbags, luggage, and accessories have reached billionaire status.
The company boasted sales last year of 454 million euro ($611 million), up 16 percent from 2011 and up 75 percent from 2009. About 30 percent of Longchamp’s revenue comes from France; 30 percent from the rest of Europe, the Middle East, and Africa; 25 percent from Asia; and 15 percent from North America. The company operates over 230 boutiques and over 1,800 stores in around a hundred countries.
Longchamp’s founder, Jean Cassegrain, had owned a tobacco shop since 1940. He created Jean Cassegrain et Compagnie in 1948 to distribute leather-covered items for smokers. He marketed his goods under the moniker Longchamp, named after the Paris horse racetrack, because another company was already using the name Cassegrain. The company expanded into the area of small leather goods in 1955, and then into leather and nylon luggage in the 1960s. Longchamp released its first women’s handbag in 1971 and discontinued items for smokers in 1978.
Le Pliage, a line of nylon and leather tote bags that can be folded flat, debuted in 1993 and would go on to become the company’s most successful product. The company went on to expand into purses, wallets, luggage, and accessories. Since 2006, Longchamp has offered a line of clothing and shoes for women every season.
Following Jean Cassegrain’s death in 1972, his son Philippe took over leadership of the company. Today, Longchamp is led and completely owned by Philippe Cassegrain and his children, Jean, Sophie, Oliver, and Michele.
Leave a Reply