Cartier owner Richemont is selling its luxury eCommerce platform Yoox Net-a-Porter to online retailer Mytheresa. The $608 million deal, announced Monday (Oct. 7), ends a monthslong search by Richemont for a new owner for Yoox Net-a-Porter (YNAP). “Mytheresa and YNAP have each earned a strong...
Yoox Net-A-Porter (YNAP) is reportedly exiting China amid weak consumer spending in that country. The Richemont-owned luxury eCommerce platform is moving to focus on its core and more profitable markets, Bloomberg reported Friday (June 14), citing an emailed statement from a Richemont spokesperson. The Net-A-Porter platform was launched in...
Luxury goods giant LVMH, best known for brands like Louis Vuitton, Dior and Tiffany, reported a 10% surge in sales for the fourth quarter on Thursday (Jan. 25), outpacing the previous quarter. The momentum was fueled by robust demand, notably from Chinese consumers, who favored...
Inflation-pressured consumers tend to cut back on their luxury purchases. At least, that’s what PYMNTS Intelligence data has found. However, the demand for Richemont’s jewelry brands like Cartier and Van Cleef tells a different story, with the company experiencing a bump during the most recent...
November 30, 2023
After a year filled with surprising developments, Farfetch appears to be continuing its trend of unexpected moves. The online luxury retailer revealed this week that it will not be disclosing its financial results for the third quarter of 2023, and the scheduled conference call for the same has been canceled. “The company expects to provide […]
November 24, 2024
While Chinese consumers are struggling, the country’s secondhand luxury market is reportedly thriving. As the Financial Times (FT) reported Sunday (Nov. 24), companies such as Cartier owner Richemont, Gucci parent Kering and LVMH have all recently recorded declining sales in the Asia-Pacific region (except Japan), which is dominated by China. Richemont’s CEO, the report said, […]
October 07, 2024
Cartier owner Richemont is selling its luxury eCommerce platform Yoox Net-a-Porter to online retailer Mytheresa. The $608 million deal, announced Monday (Oct. 7), ends a monthslong search by Richemont for...
June 14, 2024
Yoox Net-A-Porter (YNAP) is reportedly exiting China amid weak consumer spending in that country. The Richemont-owned luxury eCommerce platform is moving to focus on its core and more profitable markets, Bloomberg reported Friday...
December 19, 2023
Struggling luxury retailer Farfetch has been purchased by Coupang, the South Korean eCommerce giant. The deal gives Coupang greater access to the personal luxury goods space, while offering Farfetch $500 million to remain in operation,...
