Swiss luxury goods group Compagnie Financière Richemont SA today has made an offer to take full control of Milan-listed luxury e-retailer, Yoox Net-a-Porter (YNAP), in a bid to boost its online presence.

Richemont has announced that it has offered up to €2.8bn ($3.42bn) to buy YNAP shares that it does not already own to accelerate its internet retail strategy.

Back in 2015, Yoox bought Richemont’s Net-A-Porter unit in a transaction that gave the Swiss company a 25% voting stake, as well as putting the Italian company’s management in charge.

However, Richemont Group’s Chairman Johann Rupert, now seeks full control of the e-retailer as he sees it as a ‘meaningful opportunity’ to strengthen YNAP’s position in luxury e-commerce, ‘which is becoming critically important in meeting luxury consumers’ needs’.

‘MEANINGFUL’ OPPORTUNITY

“Thanks to our long-term commitment and resources, we see a meaningful opportunity to strengthen further Yoox Net-a-Porter Group’s leading positioning in luxury e-commerce, growing the business in existing and new geographies, increasing product availability and range, and continuing to develop unparalleled services and content for today’s highly discerning consumers,” stated Rupert.

“We are very pleased with the results achieved by Yoox Net-a-Porter Group’s management team, led by Mr Federico Marchetti, and we intend to support them going forward to execute their strategy and further accelerate the growth of the business. As part of our Group, Yoox Net-a-Porter would continue to operate as a separate business, ensuring it remains a neutral and highly attractive platform for third party luxury brands.”

This move comes shortly after last year’s investment in Dufry, as the group believes that the ‘traveller’s profile is very attractive’ for the luxury goods sector, as reported.

According to the group’s recent company statements, both ‘online’ and ‘travelling consumers’ are two important areas of focus for Richemont right now.

‘CLIENT-CENTRIC’ OBESSION

In an official statement today, Rupert added: “Over a century ago the famous aviator, Alberto Santos-Dumont, complained to his friend, Louis Cartier, about the difficulty of checking his pocket watch whilst flying.

“He needed to keep his hands on the plane’s controls, but instead kept having to fumble for the pocket watch. Louis Cartier listened and, Eureka!, an idea was born, which was to become the Santos-Dumont wristwatch – the first pilot watch.

“Ever since then, the success of our various Maisons has been dependent on giving our clients the best possible products and service.

“This client-centric obsession led us to invest in very many avenues.”