MILAN, Italy — Yoox SpA Chief Executive Officer Federico Marchetti said the online fashion retailer is looking at acquisitions to bolster its business, though it isn’t in talks currently to buy Cie. Financiere Richemont SA’s Net-a-Porter.
“There are no talks underway with Richemont,” Marchetti said today in an interview. Asked if there had been talks between the companies about Net-a-Porter, he said: “We wouldn’t be doing our job if we didn’t look at certain acquisitions in a selective manner and we will continue to do so.”
Yoox, based in Bologna, Italy, has a dedicated team to evaluate investment opportunities that could help maintain the company’s leadership position in luxury e-commerce and create industrial synergies, Marchetti said. Yoox has held talks with Richemont about a merger with Net-a-Porter, though discussions have stalled, Il Sole 24 Ore reported today without saying where it got the information. Richemont spokesman Alan Grieve declined to comment.
No transaction will ever compromise the independence with which Yoox manages the online stores of more than 30 fashion and luxury-goods brands, the CEO added. The monobrand business, which is growing well, “is our point of strength,” Marchetti said. “Yoox would never do something to lose” it.
By Andrew Roberts; Editors: Celeste Perri, Thomas Mulier