YNAP adds jewelry platform as Richemont merger approaches
Digital luxury platform Yoox Net-a-Porter (YNAP) has added a dedicated jewelry platform to its site, as a merger with luxury giant Richemont draws closer to completion. Richemont already owns 49% of the brand, and will need shareholder approval for the deal to go through. Yet, there seems to be little chance of that going wrong: according to Retail Gazette, which lists an unnamed source, shareholders “remain positive and the deal is likely to be passed.”
YNAP and Richemont are both trading up so far this year
SOURCE: Yahoo Finance
YNAP has set a goal of €100 million in watches and jewelry sales by 2020, and the new platform – the Fine Jewelry and Watch Suite – will be a key part in delivering on this promise.
Federico Marchetti, YNAP’s chief executive, said: “This explosion in fine jewellery and watches shows there’s no limit to what customers will buy online with us. And we are now getting a fascinating insight into who these hard luxury customers are and what they are prepared to buy online.”
A driver behind the decision to create this platform is Richemont itself, which is looking to strengthen YNAP’s showing in watches and jewelry – a segment Richemont is synonymous with. The platform will feature items priced at more than €100,000, from brands like Cartier (which is owned by Richemont), Buccellati and Tiffany & Co.
Richemont will pay €2.7 billion for control of YNAP, and the deal was given the green light by the European Commission in March.
Dominion holds both Richemont and YNAP in its Global Trends Luxury Fund.
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