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PPR and Yoox announce ecommerce joint venture Saturday, 4th August 2012
Balenciaga's new boutique on Paris' rue Saint-Honoré. Photo credit: PPR
French luxury and retail group PPR on Friday revealed it had set up a joint venture with Italian online fashion retailer Yoox as it looks to expand its ecommerce operations.
The new partnership will be 51 per cent owned by PPR and 49 per cent by Yoox, selling the French conglomerate’s high-end luxury brands through a global digital platform.
PPR, the owner of Bottega Veneta, Yves Saint Laurent, Balenciaga, Sergio Rossi and Alexander McQueen, will see its presence as a global player strengthened across 100 countries, while Yoox will be rewarded on a revenue-share basis.
Online stores for Bottega Veneta and Sergio Rossi will be the first to launch, going live by the end of 2012.
Shares in both companies rose on the deal, Yoox up 4.2 per cent and PPR rising 1.2 per cent.