Richemont makes e-commerce move

|By:, SA News Editor

Richemont (OTCPK:CFRHF, OTCPK:CFRUY) announces that it plans to buy the 51% stake in online luxury retailer Yoox Net-a-Poter that it doesn't already own for $3.3B.

A standstill agreement was waived to clear a path for the deal.

"With this step, we intend to strengthen Richemont’s presence and focus on the digital channel, which is becoming critically important in meeting luxury consumers’ needs," says Chairman Johann Rupert.

Richemont press release

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