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Prada joins discussions between Richemont and Farfetch to launch an e-commerce platform

Prada joins discussions between Richemont and Farfetch to launch an e-commerce platform

Prada is reportedly in discussions with e-commerce site Farfetch and the Richemont Group to create a joint platform.

 

Prada expects to be involved in discussions between the Richemont Group and e-commerce site Farfetch about launching a joint platform. Richemont said last week that it was in talks with Farfetch to sell it a minority stake in its loss-making Yoox Net-a-Porter online business.

 

The group added that it would also invite companies other than Farfetch to participate in the transformation of YNAP into an industry-neutral retail platform without an overall controlling shareholder.

 

Prada board member Lorenzo Bertelli told reporters, “I really don’t want to comment further, but we are a business partner and I think for that reason and not only that, we will be invited to participate in the discussions.

 

Meanwhile, the Prada group, during the investor day, having taken place on November 18, said that retail sales in the three months of September increased by 18% compared to the same period in 2019, before the global pandemic.

 

The family-owned group, which has been reaping the benefits of a strategic overhaul in recent months, said it is targeting a medium-term operating profit of 20% of total sales, more than double the 2019 level. It also aims to double the share of online sales to 15% of retail revenue by that time.

See Also

 

 

Read also > PRADA OUTPERFORMS PREVIOUS FIGURES AND PROJECTS BIG GOALS

 

Featured Photo : © Prada

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