SWITZERLAND. Swiss luxury goods group Richemont has launched an offer to acquire online retailer Yoox Net-A-Porter Group (YNAP) as it looks to strengthen its focus on the digital channel.
Richemont, which already has a 49% stake in the YNAP Group, hopes to increase this to at least 90%. It is offering €38 per share.
Yoox Net-A-Porter Group recently posted 2017 full-year net revenues of €2.1 billion, up +16.9% on an organic basis.
Richemont Chairman Johann Rupert said: “We are proud to have participated in the growth of Net-A-Porter since its infancy and in the creation of Yoox Net-A-Porter Group, the world’s leading online luxury retailer. With this new step, we intend to strengthen Richemont’s presence and focus on the digital channel, which is becoming critically important in meeting luxury consumers’ needs.
“We are very pleased with the results achieved by Yoox Net-A-Porter Group’s management team, led by Federico Marchetti, and we intend to support them going forward to execute their strategy and further accelerate the growth of the business.
“As part of our Group, Yoox Net-A-Porter Group would continue to operate as a separate business, ensuring it remains a neutral and highly attractive platform for third party luxury brands.”
Last year Richemont increased its stake in Dufry, the world’s leading travel retailer, to 7.5%.
Richemont owns several of the world’s leading luxury goods companies, including Cartier, Van Cleef & Arpels and Montblanc.