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Richemont shares plummet after expectations omit YNAP sale

Share in Richemont fell sharply on Friday, the lowest in two years since the pandemic, after the luxury group missed expectations and failed to address the uncertainty regarding its divestment of YNAP, the online luxury and discounting sites. Last year discussions emerged with Farfetch as a possible contender, but complications with various...

May 20, 2022

Business

YNAP expands resale offering to menswear

Italian luxury group Yoox Net-a-Porter (YNAP) is expanding its resale offering with the launch of a second-hand fashion service for its menswear retailer, Mr Porter. It comes on the heels of the rollout in recent months of Net-a-Porter’s womenswear resale offering to Hong Kong, Germany, the US, and UK. YNAP, in partnership with resale technology...

Mar 11, 2022

Business

YNAP suspends shipping to Russia, Vogue Ukraine calls for export embargo

E-commerce fashion giants Net-a-Porter, Mr Porter and Yoox have suspended shipping to Russia. A notice on their respective Russian websites reads: “Due to the current situation, we are unable to complete any new orders in your country. All order fulfillment has been suspended until further notice,” written in both Russian and English. YNAP,...

Mar 2, 2022

BusinessFeatured

Richemont posts strong Q3 sales, Europe and the Americas shine

Richemont has reported a strong increase in sales in the third quarter of the year, with particularly good performances from its Jewellery Maisons and its Europe and Americas markets. In the three months to December 31, sales at the Swiss luxury group came in at 5.7 billion euros, up 32 percent compared to a year ago and up 38 percent compared...

Jan 19, 2022

People

YNAP names Natalie Lee as new APAC general manager

Yoox Net-a-Porter (YNAP) has appointed Natalie Lee as its new general manager for the Asia-Pacific region. In her new role, Lee will oversee marketing, communications, personal shopping and commercial planning across all APAC countries outside of mainland China and Japan. She joins the Italian luxury retailer from fashion resale platform...

Jan 13, 2022

BusinessFeatured

Richemont H1 profits widen as sales exceed pre-Covid levels

Swiss luxury group Richemont has reported surging sales in the first half of the year, ahead of pre-Covid 2019 levels. In the six months to September 30, sales at the group came in at 8.91 billion euros, up 63 percent at actual exchange rates compared to a year earlier, and up 20 percent compared to two years ago, prior to the outbreak of the...

Nov 12, 2021

BusinessFeatured

Richemont and Farfetch in ‘advanced’ talks to further partnership

Luxury fashion and lifestyle conglomerate Richemont has announced that “further progress” has been made in the development of an enhanced partnership with the online retail platform, Farfetch. Richemont, whose portfolio consists of the likes of Chloé, Net-a-Porter and Cartier, stated in the announcement that the advancement puts the two...

Nov 12, 2021

BusinessFeatured

Richemont and Farfetch in talks to offload YNAP

Richemont is thought to be exploring several options to offload the loss-making Yoox Net-a-Porter, the luxury pure player, reports cited this week. The Swiss group, which owns maisons including Cartier, Chloé, Alaia and Delvaux, is finding itself in somewhat of a technology depression, as companies like FarFetch and Alibaba are accelerating the...

Oct 19, 2021

BusinessFeatured

YNAP links with Reflaunt for resale service

Italian luxury group Yoox Net-a-Porter (YNAP) is the latest fashion player to make a move in the second-hand fashion space through a tie-up with resale tech company Reflaunt. YNAP, which owns retailers Net-a-Porter, Mr Porter and The Outnet, said Friday it is launching its “most extensive resale pilot to date”, which will allow customers to sell...

Oct 1, 2021

Business

YNAP opens 47 million euro distribution centre in Italy

Italian luxury group Yoox Net-a-Porter (YNAP) has opened a new 47 million euro distribution centre in Italy that it says is one of its “most significant investments” in the country in the past 20 years. The 54,000 square metre facility - located in Landriano, near Milan - is the first single hub to serve the group’s entire global Net-a-Porter...

Sept 21, 2021

Fashion

YNAP meets renewable electricity target across operated facilities

Italian luxury group Yoox Net-a-Porter (YNAP) says it achieved its goal of sourcing 100 percent of renewable electricity across the operated facilities it manages by the end of 2020. The group announced the target in November last year as part of a broader sustainability strategy called ‘Infinity’. YNAP revealed on Thursday it met that target...

Jul 29, 2021

Retail

Yoox launches space dedicated to Gen Z shoppers

Italian discount fashion retailer Yoox is further tapping into the Gen Z demographic with the launch of a dedicated section to the age group on its website, called Hi_GuyZ!. Advertised as a place where “you can be yourself here, free your mind, find values similar to your own and be inspired by something new and different”, the space taps into...

Jun 2, 2021