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Richemont is considering selling off its Yoox Net-a-Porter brand, either by selling all or part of the business, despite having invested millions in the online fashion retailer. The reason for this is that the online shopping platform is losing its appeal to competitors such as Farfetch.
According to reports, activist investor Dan Loeb of Third Point has taken a stake in Richemont, owner of Cartier and Yoox Net-a-Porter among others. The investor has given only scant information about his attentions, but if his previous campaign at Swiss company Nestle is anything to go by, changes in the Richemont group’s portfolio are expected.
The group’s priority consists to get rid of Yoox Net-a-Porter, an online sales platform that has been loss-making since the pandemic and is losing ground to its main competitors. The aim of this manoeuvre is to boost the share price of the Richemont group.
Four years ago, Richemont became the owner of all of Yoox net-a-Porter in a deal valued at just over five billion euros. But since then, the online retail platform’s losses have proved hard to stem.
The online publication Miss Tweed reported last month that Richemont is considering several options for Yoox Net-a-Porter. “After years of absorbing heavy investments, we are finally seeing other parties willing to share some evolving platforms,” said Johann Rupert, Richemont’s chairman.
Richemont and China’s Ali Baba Group also agreed a year ago to invest in Yoox Net-a-Porter rival Farfetch. For Rupert, a combination of the two would be an appropriate solution, even more so if it involved the separation of Yoox Net-a-Porter and Richemont. The sale of the platform to Amazon is also being considered.
A sale, or at least some comment on the status of the deal, is expected to be announced on Friday, when Richemont releases its first-half results.
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Featured photo : © Richemont[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
Richemont is considering selling off its Yoox Net-a-Porter brand, either by selling all or part of the business, despite having invested millions in the online fashion retailer. The reason for this is that the online shopping platform is losing its appeal to competitors such as Farfetch.
According to reports, activist investor Dan Loeb of Third Point has taken a stake in Richemont, owner of Cartier and Yoox Net-a-Porter among others. The investor has given only scant information about his attentions, but if his previous campaign at Swiss company Nestle is anything to go by, changes in the Richemont group’s portfolio are expected.
The group’s priority is to get rid of Yoox Net-a-Porter, an online sales platform that has been loss-making since the pandemic and is losing ground to its main competitors. The aim of this manoeuvre is to boost the share price of the Richemont group.
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Richemont is considering selling off its Yoox Net-a-Porter brand, either by selling all or part of the business, despite having invested millions in the online fashion retailer. The reason for this is that the online shopping platform is losing its appeal to competitors such as Farfetch.
According to reports, activist investor Dan Loeb of Third Point has taken a stake in Richemont, owner of Cartier and Yoox Net-a-Porter among others. The investor has given only scant information about his attentions, but if his previous campaign at Swiss company Nestle is anything to go by, changes in the Richemont group’s portfolio are expected.
The group’s priority is to get rid of Yoox Net-a-Porter, an online sales platform that has been loss-making since the pandemic and is losing ground to its main competitors. The aim of this manoeuvre is to boost the share price of the Richemont group.
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