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Richemont, which was already restructuring how it sold its watch and jewelry brands, clearly hopes to capitalize on that growth. It said it had offered to pay €38 a share to buy the Yoox Net-a-Porter stock that it did not already own, a 25.6 percent premium to the company’s closing price of €30.26 on Friday. Yoox and Net-a-Porter merged in an all-share deal three years ago. At the time, Richemont was Net-a-Porter’s controlling shareholder, and still holds about 25 percent of the combined company. “With this new step, we intend to strengthen Richemont’s presence and focus on the digital channel, which is becoming critically important in meeting luxury consumers’ needs,” Johann Rupert, the Richemont chairman, said in a news release . Recent years were rocky for Richemont. Exports of Swiss watches slumped, a crackdown on corruption in China stanched demand for luxury goods in an increasingly important market, and global economic growth was sluggish. That appears to be changing, though. The group has posted strong sales growth in recent quarters, highlighting a recovery in demand for top-end source Swiss mechanical watches. The broader mix of products and prices offered by its brands, in particular to younger customers, who tend to browse and buy online, has also bolstered results.
For the original version including any supplementary images or video, visit https://www.nytimes.com/2018/01/22/business/dealbook/richemont-yoox-net-a-porter.html
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