Richemont considers sale of Yoox Net-a-Porter

Ecommerce

Richemont is considering divesting from its Yoox Net-a-Porter (YNAP) brand. 

The Swiss-based luxury company, which bought control of YNAP in 2018, has made it a priority to remove YNAP from its brand, either by selling all or part of the business.

Richemont has hinted to analysts that it no longer regards YNAP as a strategic asset.

The move comes as YNAP’s sales growth and technological ability has fallen behind rival platform Farfetch, with the latter seen as more of a strategic asset. 

READ MORE: H&M and Lablaco launch blockchain rental service

Earlier this year, Farfetch announced it is teaming up with 10 leading fashion brands to launch a pre-order service, allowing fans to get their hands on the latest releases before they are even launched.

Some of these brands reportedly signing up for the launch included Off-White, which is owned by the online retailer, alongside Balenciaga, Oscar de la Renta, Palm Angels and Nanushka.

In January 2021, French luxury goods group Kering approached Richemont for a potential merger, causing its shares to rise. 

The proposal was made directly to Richemont chairman and controlling shareholder Johann Rupert by Kering chief executive François-Henri Pinault. 

However, the informal offer was rejected by Richemont. 

Charged has contacted Yoox Net-a-Porter for comment.

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