The Yoox share takes off in Piazza Affari, which at the opening stands out with a leap of 7,97%, to 22,76 euros, before being suspended in a volatility auction. This is the best rise of the Ftse Mib, which in the same minutes travels in positive territory of 1%.
The purchases are fueled by some rumors reported by the Reuters agency, according to which it would be very close fusion of the Italian online retailer specializing in fashion and design with the competitor site Net-a-porter, checked by Richemont, the Swiss luxury giant. The operation could take place as early as this week.
Net-a-Porter, which is estimated to be worth between 1,3 and 1,5 billion euros, is one of the fastest growing companies of the Swiss Richemont group but has not yet produced a profit due to the significant investments made in the company.
Yoox also boasts double-digit growth and is profitable. The valuation is relatively similar to that of Net-a-Porter with a market capitalization of €1,32 billion.
According to sources cited by Reuters, a company born from the combination of Yoox and Net-a-Porter would be better able to manage the increase in costs for delivering parcels as well as the intensification of competition from online rivals and more exclusive department stores such as Bergdorf Goodman and Saks Fifth Avenue, which have invested significantly in Internet content and sales.
Rumors have also been circulating these days that Richemont is considering selling the subsidiary to Amazon.
