Magazines Archives - 2010 June

Richemont buys luxury e-portal for £350m
Story 6 - E-commerce

IN a move that is said to herald a new era in luxury retailing, Switzerlandbased luxury goods group Compagnie Financiére Richemont SA has bought over the remaining stake in online luxury retailer, Net-a-Porter Limited, for £350 million (US$507 million) in April, as it looks to step up its presence in the online fashion market.

Founded by former fashion journalist, Natalie Massenet, in 2000, the interactive portal, which hosts high-end fashion collections from over 300 designers and fashion houses worldwide, also puts out a weekly fashion magazine at the site, showcasing the latest fashion trends in the industry.

Traditionally perceived as an avenue for discounts and bargains, online retailing has rarely been regarded by big luxury retailers as a sales front for their products. Despite this, Richemont, which manages brands such as Cartier, Chloe and Jaeger- LeCoultre, acquired a 33% stake in Net-a-Porter in 2002.

Johann Rupert, executive chairman and CEO of Richemont, said in with them in the future to ensure Neta- Porter’s continued success.”

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