Yoox SpA, an Italian online fashion retailer, rose the most in 2 1/2 years in Milan trading after confirming that it’s in discussions to set up an e-commerce joint venture with PPR SA.
The venture will run the online sales of all of Paris-based PPR’s luxury brands, including Gucci, a person with knowledge of the talks told Bloomberg News yesterday, asking not to be named because the matter is private. No definitive agreement has been signed, Yoox said today in a statement.
Yoox gained as much as 16 percent to 11.54 euros, the steepest intraday advance since Dec. 3, 2009. The shares were up 12 percent at 11.15 euros as of 3:36 p.m. in Milan.
PPR plans to have more than 1 billion euros ($1.3 billion) of sales online by 2020. Yoox designs and manages e-commerce sites for more than 30 fashion and luxury goods brands and sells third-party products via the yoox.com, thecorner.com and shoescribe.com online stores.