Richemont chairman Johann Rupert has reportedly invited LVMH and Kering to join the Yoox Net-a-Porter platform.
In a move toward securing more of the e-commerce purchasing to be had for luxury goods, Rupert has spoken to LVMH chairman Bernard Arnault and Kering. Yoox and Net-a-Porter, which announced plans to merge in March, had combined annual sales of about 1.3 billion euros ($1.5 billion) in 2014. Amazon.com Inc., which has departments devoted to luxury watches and jewelry, had $89 billion in revenue last year.
The Geneva-based company, whose full name is Cie. Financiere Richemont SA, founded Net-a-Porter in 2000. Now that they have merged with Yoox, which was previously their competitor, Richemont has said it aims to make Yoox Net-a-Porter the “dominant neutral platform for the luxury-goods industry.”
“We’re not big enough,” Rupert said in a speech at the Financial Times Business of Luxury Summit in Monaco on Monday. “What I said to them was they can come in and get equity in the company” if they commit Kering and LVMH brands to sell via the platform.
Other Richemont brands include Chloé, Piaget, A. Lange & Söhne, Baume & Mercier, Ralph Lauren Watches, Alfred Dunhill, Lancel, Cartier and Montblanc to name a few.
[via Business of Fashion]
