Luxury group Richemont, based in Zurich, has renewed its efforts to sell its online fashion and accessories store Yoox Net-A-Porter (YNAP), said Chief Financial Officer Burkhart Grund, following the Cartier owner’s Q3 results.
“We’re beginning the procedure for finding an eventual majority owner or a stake that can go as high as 100 per cent for YNAP,” Grund told Wall Street analysts.
“How long will this take? I do not know. We saw unsolicited interest today. “We will provide an update once we have more information,” he said. In December, Richemont canceled a sale of YNAP to Farfetch Holdings, an online luxury retailer.
Richemont, one of the world’s biggest luxury groups after France’s LVMH, China’s improvement helped push it towards its highest ever quarterly sales in the three months to the end of December, noting a sequential acceleration, with December being the strongest month.
