Richemont Plans To Work With Lvmh And Kering To Create A Global Luxury Online Sales Platform

It is reported that Richemont Group CEO Johann Rupert has met with the leaders of LVMH and Kering to propose to build a global luxury online sales platform.
Richemont Group CEO Johann Rupert

   LVMH Group’s watch brands include Tag Heuer, Hublot, Zenith and Bulgari; Richemont Group owns Cartier, Panerai, Vacheron Constantin, Baume & Mercier, Jaeger-LeCoultre, Lange, IWC, Earl, Montblanc, Van Cleef Bao and Roger Dubuis; Kering leads Girard Perregaux, Shang Weisha, Gucci and Athens.
   In March this year, Richemont Group sold its website Net-a-Porter to Italian luxury e-commerce company YOOX. After the merger, the new company was named Yoox Net-a-Porter, with annual sales of more than 1.3 billion euros. Richemont Group holds 50% of the shares, but only 25% of the shares with voting rights are not holding, so the new company can still be considered independent. Richemont Group expressed the hope that Yoox Net-a-Porter will develop into an advantage neutral platform for the luxury industry.
   At the Monaco Luxury Summit hosted by the Financial Times, Richemont Group CEO John Rupert told delegates that he had met Bernard Arnault, president of LVMH Group, and proposed a unified A global online sales platform that makes it the Amazon of the luxury world.
   ‘I have spoken with Mr. Arnault and Kering, and the luxury industry needs a unified and large enough online sales platform. I hope to create such a platform that is open to everyone, and now the decision is theirs. I think This is a huge project, and no single group company will dominate it. ‘