The new frontiers of the luxury market

Cartier and Piaget do not have in common just the fact that they are two of the most well-known and admired luxury brands in the world. The two are also part of the Swiss conglomerate Richemont, which still manages other high-end market icons such as Chloé and Van Cleef & Arpels.

At the end of January the Richemont group announced a proposal that could significantly impact the direction of the luxury market in the coming years. The conglomerate has made public its willingness to take control of Yoox Net-a-Porter, one of the best known online addresses of luxury purchases, for the amount of 2.7 billion euros.

With an active platform with more than eight million registered customers, operating in 180 countries and a turnover of over 10 billion euros, Yoox Net-a-Porter has established itself as one of the leading virtual retailing powerhouses worldwide.

According to the opinion of Jorge Martin, analyst of the global personal accessories division of the Euromonitor consulting firm, in an interview with the newspaper DINHEIRO, “with more and more consumers buying luxury goods through the internet, a change brought mainly by the millennials (born around 1980 to 2000), the acquisition of YNAP enables Richemont to enhance its online strategy significantly, given the extensive experience of Yoox Net-a-Porter, a pioneer in this segment. “

The offer to purchase the online sales portal was made last month, but expectations for the future are clear, as according to surveys conducted in the area up to the year 2025, online commerce should represent up to 25% of the total market turnover of world luxury. The movement of companies in search of virtual customers proves that the boundaries of the high-end segment are just a click away.

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