Yoox deal lights up luxury retailer Richemont’s e-sales
Swiss-based luxury brands conglomerate Richemont, which is controlled by the Rupert family, is set for a surge in its e-commerce sales component following the takeover of online fashion retailer Yoox Net-a-Porter (YNAP). At the weekend Richemont chief financial officer Burkhart Grund said Richemont, which owns best-selling luxury bands such as Cartier, Mont Blanc, Lancel, Van Cleef & Arpels, Baume & Mercier and Jaeger-LeCoultre, transacted about 1% of group sales in e-commerce. "When combined with YNAP we jump to 17%," he said. Grund said the recent tender offer for YNAP (which has snagged Richemont a 95% stake in the company) was a major milestone in Richemont’s transformation journey. "YNAP operates in an attractive area of the market, where there are high barriers to entry. We believe there is a meaningful opportunity to help them grow the business over the long term and further strengthen their leading positioning in online luxury retailing with a long-term financial backing of ...
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