YNAP Full Ownership Provides Opportunity for Group's Watchmaking Brands, Enhances Online Presence
We regard Richemont’s purchase of the remaining stake in Yoox Net-a-Porter for around EUR 2.69 billion positively and maintain our wide moat rating for the company. In our view, the acquisition is in line with the company’s focus on rethinking distribution channels for its watch business and its continuing commitment to developing the online channel (we see online luxury sales growing at a pace of 20% annually over the next five years, compared with 4%-5% luxury industry growth).Since Richemont...
Compagnie Financiere Richemont is engaged in the luxury goods market. Co.'s interests encompass some names such as Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, Jaeger-LeCoultre, IWC, Alfred Dunhill, Montblanc and Net-a-Porter. Co.'s luxury goods businesses are separated into four segments: Jewellery Maisons (design, manufacture and distribution of jewellery products), Specialist Watchmakers (design, manufacture and distribution of precision timepieces), Montblanc Maison (design, manufacture and distribution of writing instruments) and Other Businesses (Alfred Dunhill, Lancel, ChloA(c), Net-a-Porter, Purdey, textile brands and other manufacturing entities).
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