Richemont reaches out to LVMH to create online megastore for all luxury brands


Richemont’s executive chairman has reached out to the heads of LVMH and Kering with an offer to join forces to create a global online portal for their luxury brands.

LVMH houses luxury jewellery brands Chaumet, Bvlgari and De Beers, Richemont boasts Cartier, Piaget, Van Cleef & Arpels, while Kering has Gucci and Belanciaga.

The path to an agreement for a joint online portal was made a little easier in March when Richemont sold its online store Net-a-Porter to Italy’s Yoox. Combined revenues for the online stores total 1.3 billion euros.

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Richemont still owns 50% of Yoox/Net a Porter, but only 25% of voting shares so that it is not a controlling interest, and it can be seen as independent.

Richemont has said that it wants Yoox/Net a Porter to become the “dominant neutral platform for the luxury-goods industry.”

Richemont executive chairman Johann Rupert (pictured) told a luxury conference hosted by the Financial Times this week that he has spoken to LVMH CEO Bernard Arnault with a suggestion to back a single global platform capable of becoming the Amazon of the luxury world.

“I was speaking to Arnault, I was speaking to Kering. We need a platform that is big enough for the luxury goods industry,” Mr Rupert, told delegates at the FT conference in Monaco.

“I want to create a platform that is open to everyone, it is up to them now. I think it is a too big a game for any company to dominate.”

Tags : BelanciagaBvlgariCartierchaumetDe BeersecommerceGuccikeringLVMHNet-a-Porteronline retailpiagetRichemontVan Cleef & ArpelsYoox
Rob Corder

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