Richemont

Yoox Net-a-Porter announces interim CEO

Yoox Net-a-Porter has announced it has appointed Alison Loehnis as interim CEO, effective 31 October 2022, replacing Geoffroy Lefebvre who has decided to step down to pursue a private equity-backed entrepreneurial career outside of Richemont after 11 years with the group. Loehnis is currently president of the company, having joined…

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Farfetch revenues increase 10.7% in Q2

Online luxury fashion retail platform, Farfetch, has announced that the group’s revenue increased by 10.7% year-over-year in Q2 to $579.3m (£493.1m). The group’s profit after tax also reached $67.7m (£57.6m) in the period, which included a non-cash benefit arising from impact of lower share price on items held at fair…

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Richemont agrees deal to offload YNAP stake to Farfetch

Richemeont has revealed it has agreed a deal to offload a majority stake of its e-commerce unit Yoox-Net-A-Porter (YNAP) to Farfetcth and Emirati investor Alabbar. The deal will see Farfetch and Alabbar acquire a 47.5% and 3.2% stake respectively in YNAP, and the agreement for Richemont and YNAP each to…

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Watches of Switzerland unveils leadership shakeup

The Watches of Switzerland Group PLC has announced the appointment of Chabi Nouri to the board as an independent non-executive director and a member of the company’s ESG Committee, effective from 1 May 2022. Prior to her new role, Nouri was president and chief executive officer (CEO) of Piaget, with…

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Yoox Net-A-Porter appoints new CEO

Yoox Net-A-Porter group has announced the appointment of Geoffroy Lefebvre as CEO, a position which will take effect from 4 January 2021. Federico Marchetti will reportedly remain chairman of the group to “ensure a successful transition”, whilst Lefebvre operates as the group digital distribution director at Richemont. Johann Rupert, chairman…

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Farfetch revenue soars 73% in Q3

Farfetch has reported that its revenue soared by 73% year-on-year to $438m (£332m) in its third quarter of trading.  The luxury fashion platform’s gross merchandise value and digital platform GMV growth rates also accelerated in the period, up 62% and 60% year-on-year respectively, to “record highs” of $798m (£606m) and…

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Eric Vallat to step down as Richemont’s head of fashion

Richemont has revealed Eric Vallat, its head of fashion and accessories, will step down from his current position and from its senior executive committee on the 26 October 2019. The luxury goods group, which owns brands such as Cartier, Montblanc and Yoox-Net-A-Porter, said that Vallat was leaving his role due…

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Richemont Europe blames French ‘social unrest’ for sales slowdown

Swiss retail group, Richemont Europe, has blamed French “yellow vest” protests for a slowdown in its sales. The group, which owns Cartier, Dunhill and Net-A-Porter, said it had seen a 5% rise in total sales for the quarter ending 31 December. Despite the sales figure being in line with analysts…

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Richemont and Alibaba partner to bring Net-a-Porter to China

Richemont, the Swiss luxury goods group, and Alibaba Group has announce a global strategic partnership to bring Yoox Net-A-Porter (YNAP) to Chinese consumers. Under the partnership, YNAP and Alibaba will establish a joint venture to launch two mobile apps for Net-A-Porter and Mr Porter multi-brand, in-season online stores for consumers in China.…

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YNAP to launch first own-brand footwear collection

Yoox-Net-A-Porter Group (YNAP) has announced that its own-brand label for mens fashion, Mr P., which will launch this September alongside the brand’s first foray into footwear and accessories.   YNAP said the Mr P.’s footwear line will provide a range of designs that form the “building blocks of every man’s…

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