
Luxury giant Richemont may be mulling the idea of spinning off YNAP despite investing millions into the fashionable e-commerce site, according to reports.
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Luxury giant Richemont may be mulling the idea of spinning off YNAP despite investing millions into the fashionable e-commerce site, according to reports.
Net-A-Porter and Mr Porter have received a major logistics boost as owner Yoox Net-A-Porter has officially opened its new “cutting-edge” logistics hub in Landriano, near Milan.
Several weeks after its arrival in the French market, Scandinavian split-payment specialist Klarna has unveiled its ambitions for the luxury market in the form of a partnership with Yoox Net-a-Porter.
The trading environment may have been volatile but luxury giant Richemont still managed to see net profit rising almost 40% in the financial year to the end of March, beating forecasts by a wide margin.
Like most luxury houses, Valentino was strongly affected by the pandemic last year. Accordingly, the Italian Maison saw its revenues fall from 1.22 billion euros in 2019 to 882 million euros in 2020.
Richemont’s third quarter — the all-important three months to the end of December — saw sales rising only 1%, although currency-neutral, they were up a healthier 5%, despite the “continuously volatile environment”.
Italian fashion group Valentino has named a former Visa executive to a newly created role as chief of customer relations and digital to help the brand attract more online business.
The company that produces and distributes the labels owned by Renzo Rosso’s fashion group has appointed Francesco Tombolini, whose career in luxury spans nearly 40 years, as head of business development and licenses.
Yoox Net-A-Porter has named a new CEO with Geoffroy Lefebvre, currently Group Digital Distribution Director at parent company Richemont, taking the helm on January 4.
The big news around Richemont this week may have been its major investment in Farfetch, but on Friday it also made headlines with its own half-year results.