Yoox in talks to manage online operations for PPR brandsTuesday, 29 May 2012
French luxury group PPR has announced
that it has signed a non-binding memorandum of understand (MoU) with online Italian fashion retailer Yoox as it looks to set up an e-commerce venture.
The aim of the MoU is to set up defining guideline for the joint management of the e-commerce operations of some of PPR’s luxury brands. At present, the MoU includes Bottega Veneta, Yves Saint Laurent, Alexander McQueen, Balenciaga, Stella McCartney and Sergio Rossi brands.
PPR and Yoox intend to continue negotiations with the aim of closing a definitive agreement in the coming months.
The news has seen shares in Yoox sharply increase on the expectations of a deal with the French group, which isn’t surprising as PPR plans to have more than 1 billion Euros worth of sales online by 2020. Currently, Yoox designs and manages e-commerce sites for more than 30 fashion and luxury goods brands and sells third-party products via the yoox.com, thecorner.com and shoescribe.com online stores.