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RAPAPORT... Compagnie Financière Richemont SA confirmed that discussions are underway with YOOX S.p.A. regarding a potential business combination between YOOX and The Net-A-Porter Group Ltd. However, Richemont provided no further details and told shareholders that it would update the market "as appropriate" and in due course.
Richemont owns Net-A-Porter, an online retailer that offers high-fashion items including fine jewelry that is priced as high as $70,000. The luxury goods brand also operates Cartier and Van Cleef & Arpels, A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin, as well as the Ralph Lauren Watch and Jewelry joint venture.
Earlier, YOOX interviewed with numerous business publications confirming that it was in discussion with Richemont for possible “business combination” with Net-A-Porter. However, it, too, would provide no further details. YOOX operates a fashion website offering a range of goods. The jewelry price points are generally below $3,000.
Net-A-Porter launched in June 2000 and claims monthly unique views of approximately 2.5 million.
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