What happened to the Kering-Yoox e-commerce joint venture?
YSL, star brand of Kering, has recently announced a strategic deal with Farfetch in China.
Following WWD “Francesca Bellettini, PDG of Saint Laurent, said the collaboration marks an important step in the company’s global omnichannel strategy, “and it gives to us the opportunity to further consolidate our leadership on the Chinese market” and José Neves, founder of Farfetch, said that e-commerce “is the only route to fully penetrating this market.” He said that, until now, doing online business in China at scale was “incredibly complex for luxury brands, and this is why we have built an unrivaled platform for China.”
In 2012 Kering (former PPR) launched a very ambitious joint venture with Yoox for online retail, to accelerate the development of the group brands in the e-commerce that took to the launch of YSL, Bottega Veneta, Stella e-commerce websites among others.
Yoox and Farfetch are fierce competitors (let’s not forget that Nathalie Massenet, founder of Net-a-Porter left her own company when it was sold to Yoox and recently joined Farfetch in a strategic role) so what does it means the partnership of YSL with the biggest competitor of its own e-commerce ally? Why YSL did not go through the 5-years joint venture?
Does it mean that the marriage between Kering and Yoox has come to a silent end, despite the record-setting results of Yoox in the first semester of 2017 (including HK+China at + 29.9%?
Only time will tell.