PPR to Start Yoox Venture With Bottega Veneta, Sergio Rossi
Stock Chart for Kering (PP)
PPR SA (PP) luxury brands Bottega Veneta and Sergio Rossi will join forces with Italian Internet fashion retailer Yoox SpA to open new online stores by the end of 2012.
Yves Saint Laurent, Alexander McQueen and Balenciaga will also operate digital stores using Yoox’s platform by the end of 2013, Paris-based PPR said today in a statement as it confirmed the signing of a joint venture with the Italian company.
PPR, which plans to generate more than 1 billion euros ($1.2 billion) of sales online by 2020, said it may decide to involve other brands in the partnership in future. The Stella McCartney label wasn’t on the list of brands published today after being included in plans that the companies outlined in May for the joint venture.
Yoox rose as much as 4.5 percent to 10.93 euros in Milan trading and was up 3.6 percent at 9:45 a.m. PPR shares gained 1.3 percent to 122.85 euros in Paris.
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