Richemont to acquire Yoox Net a Porter
NEW YORK (NYTIMES) - Compagnie Financière Richemont built a conglomerate offering the world's wealthiest consumers the highest-quality product, often in the most luxurious of settings. Clients walking into a Cartier flagship or a Piaget boutique - both Richemont brands - could expect radiant smiles and soft furnishings, as well as impeccable service for as long as was necessary before they made their purchase.
Increasingly, though, well-heeled clients don't want that type of service. Cash-rich, time-starved customers want their shopping to be quick, quiet and easy, done in a matter of seconds from their smartphone.
Richemont, which also owns upscale brands such as IWC, Montblanc and Van Cleef & Arpels, knows that times are changing. The Swiss luxury group announced on Monday (Jan 22) that it was doubling down on its investments in high-end internet retail, making an offer of €2.8 billion (S$4.53 billion) for the online fashion retailer Yoox Net-a-Porter.