PPR signs letter of intent with Yoox for online luxury venture
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Mon May 28, 2012 9:43 pm

INTERNATIONAL. PPR SA signed a non-binding letter of intent with Yoox SpA, an Italian online fashion retailer, to set up an e-commerce venture for PPR’s luxury brands.

The memorandum of understanding currently includes the Bottega Veneta, Yves Saint Laurent, Alexander McQueen, Balenciaga, Stella McCartney and Sergio Rossi brands, Paris- based PPR said today in an e-mailed statement.

“PPR and Yoox intend to continue negotiations with the aim of closing a definitive agreement in the coming months,” PPR said.

Yoox shares have gained 15 percent in Milan trading since May 16 when Bloomberg News reported the companies were close to signing an agreement for the venture, citing a person with knowledge of the talks.

PPR plans to have more than 1 billion euros (US$1.25 billion) of sales online by 2020. Yoox designs and manages e-commerce sites for more than 30 fashion and luxury goods brands and sells third-party products via the yoox.com, thecorner.com and shoescribe.com online stores.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: February 11, 2016
INTERNATIONAL. "Although we anticipate some strain on Gulf banks' funding and liquidity this year, good asset quality and strong capitalization remain positive factors."
date:Posted: February 10, 2016
UAE. Low oil prices will constrain the amount of funding available to Gulf sovereigns and banks to support the region's substantial infrastructure bill in coming years; S&P projects a gap as large as $270 billion through 2019 between capital spending for projects and project contracts awarded.
date:Posted: February 10, 2016
UAE. Across the Middle East, educational institutions and providers face a myriad of challenges and opportunities; "Educational organizations are increasingly being asked to demonstrate their wider impact and contribution to goals around employability, social mobility and inclusion."
dhgate
Monogram Ring