“With reference to what has appeared in the press, Compagnie Financière Richemont SA clarifies that discussions are currently underway with YOOX S.p.A. regarding a potential business combination between YOOX S.p.A. and The Net-A-Porter Group Ltd.
“The company will update the market as appropriate in due course and cannot comment further at this stage,” the group said.
The talks follow rumors last week that Amazon was in talks to buy the online luxury retailer.
Launched in 2000, Yoox is a multi-brand online fashion store with operations in China, Europe, the U.S. China and Hong Kong. It is listed on the Milan stock exchange, and posted 524 million euros ($567 million) in net revenues in 2014. Yoox shares were trading up 9.5 percent in Milan Monday on the news of the potential deal.
“A potential combination between Yoox and NAP could create the market leader in the luxury online industry, as it would offer a combination of the leading in-season (NAP) and off-season (Yoox) stores. No other players match Yoox/NAP’s breadth of sourcing, client base, luxury expertise and relationships, in our view,” said luxury analyst at Citigroup, Mauro Baragiola.