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...Yoox Net-a-Porter has been a problem for Richemont for years, with investors pressuring the Swiss group to offload it....
...group Richemont, Yoox Net-a-Porter’s other owner....
...It is not just Matchesfashion and Farfetch: Swiss luxury group Richemont is also trying to offload its lossmaking ecommerce business Yoox-Net-a-Porter after €1.8bn in writedowns....
...While luxury brands leapfrogged platforms such as Farfetch and Yoox Net-a-Porter to sell clothes directly to consumers, that’s harder to pull off for lower-ticket items such as lipsticks....
...“Richemont would have to accept a significantly lower value for Yoox-Net-a-Porter or agree on new deal terms with Farfetch....
...Saint Laurent Eyewear acetate sunglasses, £325, net-a-porter.com Chris Basias Studio marble and bronze Olei floor lamp, $2,170, modesens.com Tove silk dress, £1,295 Toteme leather shoes, £450 1950s...
...The Coupang rescue also puts an end to Farfetch’s earlier plan to buy lossmaking luxury ecommerce site Yoox Net-a-Porter from Swiss group Richemont, a deal that was signed in 2020 but had yet to close....
...The San Francisco-based group, which trades on the Nasdaq, reported $905mn in net revenue, up 23 per cent since the start of 2023....
...An agent for Porter did not respond to a request for comment....
...jacquard corset top, £1,250, farfetch.com Ralph Lauren Purple Label silk tuxedo jacket, £5,190, mrporter.com Musical Notes, 2009, by Tommaso Cascella, €450, artsper.com Cortana hemp-mix trousers, £473.70, net-a-porter.com...
...Richemont booked an additional €500mn non-cash writedown on its lossmaking Yoox-Net-a-Porter ecommerce business, adding to €3.4bn in writedowns logged since 2022....
...Net-a-Porter to Farfetch....
...News round-up Goldman Sachs expands private credit reach with Kennedy Lewis stake (FT) Online retailer Mytheresa among suitors for Yoox Net-a-Porter (FT) UBS promises $2bn in share buybacks (FT) Trump...
...The public listing of European private equity firm CVC Capital Partners will net one of its co-founders, Donald Mackenzie, a windfall of up to €150mn....
...You could choose a leg-lengthening pinstripe from Veronica Beard to help you look a touch taller (£480, net-a-porter.com)....
...Mode cotton jersey top, £93, net-a-porter.com Jordanluca x Seletti porcelain tea cups, £110 for set Wax Atelier beeswax Groundnut Collection Stubby candles, £21 for set Dior cotton gabardine trench coat...
...cast-brass coffee table, 2016, POA Dolce & Gabbana sequin balconette bra, £675 Pedro Alves patinated and polished cast-bronze Gamma vessel, POA, studiotashtego.com The Attico sequin tulle Alix top, £530, net-a-porter.com...
...Loewe wool Anagram sweater, £895, mytheresa.com Memphis Milano wood, laminate and painted-metal Hollywood side table, €5,100 The Elder Statesman cashmere Morph Striped pillow, £388, net-a-porter.com Louis...
...In mid-June of last year, my mum, Pat Porter, died from a swift and vicious blood cancer. The following month, I made my first garment. Sewing helped with grieving....
...fibreglass Slush Slasher snowboard, £410, ssense.com Sisley Super Stick Solaire SPF 50+ sun cream, £88, johnlewis.com Giorgio Armani Neve hiking boots, £1,250 Aztech stretch-nylon Next To Skin top, £215, net-a-porter.com...
...A place that means a lot to me is Pantelleria, where we have rented a house in summer for the past 16 or so years....
...It had been set to buy lossmaking luxury ecommerce site Yoox Net-a-Porter from Swiss group Richemont, a deal that was signed in 2020 but had yet to close. That plan is now off....
...Toteme’s sharp geometric silk square is great, too (£160, net-a-porter.com)....
...Paco Rabanne chainmail 1969 Moon bag, £1,210, net-a-porter.com Venini glass Deco small vase by Napoleone Martinuzzi, $700, 1stdibs.com Frédéric Malle foam bath by Dominique Ropion, £95 for 300ml Chopard...
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