Yoox accelerates on the stock market after the confirmation of the negotiations with Richemont to arrive at an integration with Net-à-Porter, a subsidiary of the Swiss group active in luxury e-commerce. The quotes of the Italian company rose by 9,11% to 23 euros. Over the weekend, the Sunday Times had anticipated the flashback between Yoox and Net-a-Porter who two years ago had initiated contacts for an integration, however not finding an agreement especially in terms of price. The newspaper had also recalled
Amazon's interest in Net-a-porter. Yoox is having a good time on the stock exchange, with the share having risen by more than 30% since mid-January.
In the note, the Italian company specified that "Discussions are ongoing with Compagnie Financiere Richemont SA for a possible business combination between Yoox and The Net-A-Porter Group Ltd”.
For Yoox, who would be thinking about an offer in shares while Amazon could put it on the plate too substantial liquidity, would obviously be a decisive operation, having a market capitalization just over 1,3 billion. On these bases Richemont would be willing to sell the subsidiary – acquired in 2010 for less than 400 million – which is not yet making a profit and which is not in the 'core business' of the Swiss group.
According to the international press there is still to be solved the knot of the founder of Net-a-Porter for which a 'liquidation' of around 100 million would be required, but the London-based company hasn't had a chief executive for over a year and the founder of Yoox Federico Marchetti he would have no problem leading the new group.
