All Richemont articles
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News briefs
Tod’s joins the Aura Blockchain Consortium
Tod’s has joined the Aura Blockchain Consortium, securing digital product passports for the handbag Di Bag.“Using Aura Blockchain technology and the NFC tag that guarantees its authenticity and traceability, you are able to access all the information about the bag and its supply chain directly through your smartphone. This unique ...
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News briefs
EU clears Farfetch acquistion of YNAP stake from Richemont
The European Commission has unconditionally cleared the acquisition by the British online fashion retailer Farfetch of a 47.5 percent stake in Yoox Net-a-Porter (YNAP) from the Swiss luxury goods group Richemont in exchange of Farfetch shares. The commission was the last regulatory hurdle required to obtain clearance for the deal, ...
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Article
Richemont buys controlling stake in Gianvito Rossi
Richemont has acquired a controlling stake in Gianvito Rossi, an Italian luxury shoemaker. No financial details were released. Gianvito Rossi, the founder, CEO and creative director of the eponymous brand, will retain a stake in the company and continue to “nurture and develop” the brand in partnership with Richemont, the ...
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News briefs
Richemont FY sales up 19%
Richemont said that in the year ended March 31, sales reached a record high of €19.953 billion, up by a reported 19 percent and 14 percent higher at constant currencies driven by the retail business, up by 22 percent and 17 percent, respectively. The retail division represented 68 percent of ...
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News briefs
U.K. competition regulator to probe Farfetch purchase of YNAP stake
The U.K.’s competition regulator is probing Farfetch’s deal to buy a stake in the online retail business Yoox Net-a-Porter (YNAP) from the luxury goods giant Richemont. The Competition and Markets Authority (CMA) is now examining whether the deal to sell a 47.5 percent stake in YNAP to the online retailer ...
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News briefs
YNAP fined €5.25m in Italy for alleged misleading pricing, limiting returns
Italy’s antitrust authority has fined Yoox Net-a-Porter (YNAP) €5.25 million for allegedly misleading prices and limiting the right to return merchandise during a period running from 2019 to 2022. In particular, the regulator claims that the company limited consumers’ right to return merchandise by unilaterally blocking completed online orders, without ...
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Article
Stocks of Brazilian footwear manufacturers outperform in Q3
In the third quarter of 2022, the stock prices of footwear companies and associated sectors monitored by Shoe Intelligence were on average virtually unchanged, falling by less than 3 percent when compared with the previous three months. But, the figure conceals noticeable disparities between the panel’s subsegments. The cohort of ...
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Article
Richemont to sell majority stake in YNAP to Farfetch and Emirati businessman
Richemont has signed a deal to initially sell a 47.5 percent stake in its online fashion retailing unit Yoox Net-a-Porter (YNAP) to Farfetch and a 3.2 percent stake to Symphony Global, one of the investment vehicles of the Emirati businessman Mohamed Alabbar. The move will make YNAP a neutral distribution ...
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News briefs
Richemont Q1 sales up 12% in local currencies
In the first quarter ended June 30, Richemont generated €5.264 billion in sales, up by a reported 20 percent year-over-year and 12 percent higher at constant exchange rates. At constant currency rates, retail sales for the Swiss luxury goods group were up by 18 percent, online retail sales rose by ...
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News briefs
Richemont’s sale of YNAP is taking time
Richemont said that talks involving third parties to restructure its online retailing unit Yoox Net-a-Porter (YNAP) are proceding ”well” but require time. In November 2021, Richemont announced that it was in advanced talks to enhance its partnership with Farfetch. At the time, the Swiss group unveiled that the deal under ...
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Article
The Aura blockchain launches a SaaS solution for luxury brands
On Jan. 13, the Aura Blockchain Consortium launched Aura SaaS, a cloud-based software-as-a-service (SaaS) solution for its global blockchain-based platform designed for luxury brands. The consortium is a non-profit association based in Switzerland promoting socially responsible, sustainable and customer-centric business practices throughout the lifecycle of luxury products by leveraging blockchain ...
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News briefs
Richemont, Farfetch in talks to expand their partnership
Richemont is in advanced talks to enhance its partnership Farfetch. The deal under discussion would involve Farfetch investing directly in Yoox Net-a-Porter (YNAP) as a minority shareholder, with other investors to be invited to participate, according to the Swiss luxury goods company. Other industry players and investors have already indicated ...
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Article
LVMH, Prada and Cartier launch a blockchain for luxury goods
LVMH, Prada and Cartier , a unit of the Swiss luxury goods group Richemont , have joined forces to develop the Aura Blockchain Consortium , a global luxury blockchain. LVMH said that the collaboration “between competitors represents a single, innovative solution to shared challenges of communicating information ...
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Article
Farfetch, Alibaba, Richemont, Pinault family form a formidable alliance in digital sales
Farfetch , Alibaba , Richemont and the Pinault family, which owns the French luxury goods company Kering , have entered a global partnership with the declared intent of providing luxury brands with “enhanced access” to the Chinese market as well as accelerating the digitization of the global ...
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News briefs
Tourism drought expected to reduce European luxury sales
LVMH said it expects revenues to drop by 10 to 20 percent year-on-year in the first quarter of 2020, as restrictions to combat the Covid-19 pandemic have forced the group to close production sites and stores in several countries. Separately, the bank RBC Europe said that overall global ...