Richemont in talks to sell Yoox Net-a-Porter stake to rival Farfetch
Luxury giant Richemont is in talks to sell a stake in UK online platform Yoox Net-a-Porter (YNAP) to US rival Farfetch Limited (NYSE:FTCH).
The Cartier and Chloé owner has invited other investors to participate in a potential sale, as the final goal is to make YNAP “a neutral platform, with no controlling shareholders”.
It added that other industry peers and investors have already expressed interest in the loss-making online retailer.
The news comes after reports of activist hedge fund Third Point building a stake in Richemont to push it to change its online strategy.
The Swiss group has poured investment in YNAP in attempts to change the strategy of owning its inventory to a more asset-light model, just like Farfetch, where items are also owned by third parties.
Long-time shareholder Artisan Partners told Reuters that Richemont has been undervalued due to an underwhelming performance at YNAP.
The group posted net profits of €1.2bn in the six months to 30 September, up nearly seven-fold from last year, though it said the second half is likely to still see volatility.
Story by ProactiveInvestors
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).