Cartier Owner Richemont Is Selling Its E-Commerce Business
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Richemont owner of luxury jewelers Cartier and Piaget, has finally found a buyer for its e-commerce business Yoox Net-A-Porter. Richemont has been looking to offload YNAP for the better part of the past couple of years as the operation has struggled to turn a profit. Under the new deal, the Swiss luxury group is selling YNAP, which has a cash position of €555 million ($609 million) and no debt, to Mytheresa in exchange for a 33% stake in the online platform.