Compagnie Financiere Richemont ruled out divesting its struggling brands including Lancel and Montblanc. Its announcement of Friday scrapped earlier indications that the luxury-goods retailer would sell its underperforming businesses, according to a report by Wall Street Journal.

The Geneva-based company said it would invest in rather than divest its brands. It would also change management for some of its brands including Alfred Dunhill and Montblanc, said the report.

Chief Financial Officer Gary Saage said the company is committed to its 20-brand portfolio, which includes Cartier and Chloe. Richemonte had previously explored the sale of Parisian brand Lancel but decided to keep it later, the report stated.

Meanwhile, Saage indicated that the luxury-goods company had not yet received satisfactory offers from investors for Lancel. He also indicated that the retailer might make make a few changes in the target market for its Montblanc and Alfred Dunhill brands, Wall Street Journal said.