LONDON – Mytheresa will acquire 100 percent of Yoox Net-a-porter group from Richemont, following widespread market speculation, and previous reports in WWD. According to a statement, Richemont will sell YNAP to Mytheresa with a cash position of 555 million euros and no financial debt in exchange for shares. Those shares will be issued by Mytheresa … Read more
“Made in Italy: shame in Italy,” chanted a handful of migrant labourers last week in Geneva, Switzerland, outside the flagship store of luxury accessory maker Montblanc, having travelled from Italy’s famed leatherwear region Tuscany. Standing about 3km (two miles) from where Montblanc’s US$76 billion parent company Richemont was meeting shareholders, the workers – flanked by … Read more
Sources are buzzing that luxury e-commerce site Mytheresa is closing in on an acquisition of the troubled Yoox Net-a-porter e-commerce operation, owned by Compagnie Financière Richemont. Officials of Mytheresa did not respond to requests for comment Thursday. Richemont — which is currently in a quiet period and will report its interim results for fiscal 2024-25 … Read more
LONDON — Cartier is slowly gearing up to take over London, but for now, it’s starting with a pop-up at Selfridges. The Richemont-owned brand has taken up space in the Accessories Hall of the luxury department store until Nov. 3 to showcase its stylish selection of leather goods, eyewear and silk scarves. Cartier’s Panthère de … Read more
LONDON – Louis Ferla, currently head of Vacheron Constantin, will take over from Cyrille Vigneron as chief executive officer of Cartier, effective Sept. 1. Vigneron, 63, is retiring after eight years at the helm of Richemont’s biggest brand, and will assume the position of chairman of Cartier Culture and Philanthropy. He’ll also work with Ferla on the … Read more
AZ Factory is to shutter its fashion brand and cease retail operations, but continue to support independent fashion designers, WWD has learned. Initially a new vehicle for acclaimed fashion designer Alber Elbaz that evolved into a hub for serial collaborations following his death in April 2021 from COVID-19, the start-up is now being transformed into … Read more
LONDON — Despite slowing sales growth, Richemont is weathering luxury’s challenges better than some of its peers, with chairman Johann Rupert focusing on the long-term management of the business and looking forward to an eventual rebound in consumer confidence, especially in China. “The Chinese will return — I have full confidence. There’s nothing wrong with … Read more
LONDON – Slowing demand for luxury goods hampered Compagnie Financière’s Richemont’s growth in the fiscal fourth quarter and full year. In the fourth quarter, the watches and jewelry giant posted a 1 percent decline in sales at actual rates, and a 3 percent rise in full-year sales to 20.62 billion euros. At constant exchange, fourth-quarter sales … Read more
Updated 4:46 p.m. ET May 10. Mytheresa is working with investment bankers on two fronts, sources told WWD — pitching investors on a buyout that would take the company private, and looking at acquiring Net-a-porter. A buyout would let the Munich-based Mytheresa rev up its operations away from the glare of Wall Street. And acquiring … Read more
LONDON — Luxury is getting a little louder, but it’s the accessories, not the clothes, doing the talking. In their fall 2024 seasonal report, Net-a-porter’s buying director Kate Benson and market director Libby Page offered an update on what’s been selling so far this year, and where they put their money for fall. With the … Read more
