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Richemont says invited LVMH, Kering to join combined Yoox-NAP
June 8, 2015 / 9:27 AM / 3 years ago

Richemont says invited LVMH, Kering to join combined Yoox-NAP

MONACO, June 8 (Reuters) - Johann Rupert, Executive Chairman of Cartier owner Richemont, said on Monday he had invited luxury industry rivals LVMH and Kering to invest in the newly combined Yoox/Net-a-Porter online fashion retailer.

Earlier this year, Richemont agreed to sell its upmarket Internet retailer Net-a-Porter to Italy’s Yoox in an all-share deal that created an industry leader in the booming online luxury market, with combined sales of 1.3 billion euros ($1.4 billion).

When the deal was announced at the end of March, Yoox and Richemont said they would be looking for another luxury goods investor to back the new company.

“I was speaking to (LVMH CEO) Arnault, I was speaking to Kering... We need a platform that is big enough for the luxury goods industry,” Rupert told the FT Business of Luxury Summit in Monaco.

“I want to create a platform that is open to everyone, it is up to them (LVMH and Kering) now. ... I think it is a too big a game for any company to dominate.” (Reporting by Astrid Wendlandt; Editing by Brian Love)

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