YNAP launches luxury jewellery platform as Richemont tie-up nears completion

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YNAP

Yoox Net-a-Porter (YNAP) has launched a dedicated platform for selling luxury jewellery as its merger with Richemont enters the final phases.

The luxury jewellery hub, dubbed the Fine Jewellery and Watch Suite, will help the online giant to reach its goal of €100 million (£87.39 million) in sales within the category by 2020.

“This explosion in fine jewellery and watches shows there’s no limit to what customers will buy online with us,” YNAP’s chief executive Federico Marchetti said.

“And we are now getting a fascinating insight into who these hard luxury customers are and what they are prepared to buy online.”

The site will sell items priced at over €100,000 (£87,000), including ranges from the Richemont owned Cartier alongside Buccellati and Tiffany & Co.

Richemont, which saw its €2.7 billion (£2.36 billion) takeover bid for YNAP approved by the European Commission last month, is seeking to strengthen the ecommerce giant’s luxury offering.

The swiss luxury group already owns 49 per cent in the brand, and in January issued a public tender offer for all the YNAP stock it does not yet own at a rate of €38 (£33.5) per share. This equates to a total valuation for the company of €5.3 billion (£4.64 billion).

For the deal to be fully finalised it needs to be approved by shareholders. Although US based investor Robotti & Co, which owns less than one per cent in YNAP, opposed the proposed deal, it is understood that other shareholders remain positive and the deal is likely to be passed.

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