Luxury goods group Richemont said on Friday it could target strategic investments and divestments after buoyant jewelry sales made up for still sluggish watch sales, helping sales rise 8% in its fiscal year to March.
Online luxury retailer Yoox Net-a-Porter (YNAP) will be delisted from the Milan Stock Exchange on June 20 after Cartier owner Richemont reached nearly 95 percent of YNAP’s ordinary shares after a takeover.
Richemont has launched a new watch brand, Baume, offering trendy time pieces priced in the hundreds rather than the thousands of dollars to lure young people away from using their smartphones to tell the time.
Q1 wasn't an undiluted triumph for Yoox Net-A-Porter as the off-price business proved a little slow. But full-price Net-A-Porter and designer e-stores powered ahead, even though exchange rates had a negative effect.
The Italian group posted strong performances in Italy (+31.3%) and the rest of Europe (+21.1%),offsetting a 29.1% loss in the rest of the world segment. E-tail revenue was up 19.7%, said the leathergoods firm.
Swiss group Richemont, owner of the Cartier, Piaget and Chloé brands, among others, and the third largest luxury group in the world, has reworked the management of its watch brands Jaeger-LeCoultre and Baume & Mercier.
As it awaits the conclusion of Richemont's takeover bid, the e-commerce platform's Board of Directors has been renewed, leading to the appointment of Federico Marchetti as CEO, while President Raffaello Napoleone exits.