Richemont has invited luxury product manufacturers to come together to create an online store that will compete with Amazon.
Johan Rupert, who owns a controlling stake in Richemont, wants to team up with LVMH Moet Hennessy Louis Vuitton SE and owner Gucci Kering to create an online store selling luxury goods. As planned, this project will be able to compete with leading online retailers.
In this case, we are talking about joining luxury brands to the online retailer Yoox Net-a-Porter, which today still cannot compete with large online stores.
In 2014, sales of Yoox and Net-a-Porter, which completed the merger in March, totaled 1,5 billion. At Amazon, which sells luxury goods, the same figure was 89 billion dollars.