FRANCE: PPR forms online joint venture with Yoox
French retail group PPR has formed an online joint venture with online retailer Yoox to accelerate the e-commerce development of some of its luxury brands.
PPR will own 51% of the joint venture, while Yoox will own the remaining 49% stake, with the aim of improving PPR's existing online stores.
It will start by launching Sergio Rossi and Bottega Veneta online stores by the end of this year. These brands, as well as Yves Saint Laurent, Alexander McQueen and Balenciaga are set to have global online operations by the end of 2013.
PPR said it may decide to involve other brands in the future. Each brand will be in full control of its own online store and will be in charge of product assortment, editorial content, art direction and digital communication.
The joint-venture will allow the PPR brands to share best e-commerce practices, from web design and user experience to digital production, from customer care to web marketing. Through the joint venture, PPR's brands will gain access to Yoox Group's global logistics and technology platform, its worldwide reach with local expertise and its experience in new geographies for luxury e-commerce, such as China. This will help the brands' products become accessible in more than 100 countries.
After seven years of operations, PPR has the option to buy Yoox's stake in the joint-venture.
"E-business is a strategic priority for the group," said PPR chairman and CEO François-Henri Pinault. "This joint-venture will allow PPR to generate synergies and shared resources available to our brands through best-in-class e-commerce expertise. And with this strategic partnership with Yoox group, we invest in key skills essential to grow our business in the future."
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