Online Business

Prada expects to join Richemont-Farfetch talks over online tie-up – Reuters


A logo of luxury goods company Prada is seen at the entrance of a shop in Brussels, Belgium July 2, 2021. REUTERS/Yves Herman

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  • Prada could invest in planned joint online platform-exec
  • Prada CEO says to hand over to son Lorenzo in 3-4 years
  • Group sets 4.5 bln euros sales medium-term target

MILAN, Nov 18 (Reuters) – Italian fashion group Prada expects to join talks between Cartier-owner Richemont (CFR.S) and online retailer Farfetch (FTCH.N) about launching a joint e-commerce platform as it seeks to boost online sales and grow overall revenues by 40%.

Richemont said last week it was in advanced talks with Farfetch about selling it a minority stake in its online business Yoox Net-a-Porter (YNAP). It added it would also invite other firms to participate in turning YNAP into an industry-wide platform with no overall controlling shareholder. read more

“I think…we will be invited to participate in the discussions,” Lorenzo Bertelli, the group’s 33-year-old marketing chief and son of CEO Patrizio Bertelli, told an investors’ presentation in Milan.

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