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: October 23, 2014
UAE. Deflationary reading of data endangers risky assets; Global cues drive GCC markets; Growth scare unsettles investors; Extreme bearishness on oil may be overdone.
date:Posted: October 23, 2014
SAUDI ARABIA. The 2014 study - which outlines the top priorities that concern young Saudis - is key to helping policymakers and business leaders design initiatives targeted at improving the lives of the Kingdom's current and future generations.
date:Posted: October 22, 2014
UAE. 47% of Middle Eastern respondents indicated that they are considering a proactive shareholder engagement policy which can open and sustain a productive dialogue with investors.
dhgate