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The giants of luxury retail are still trying to figure out the internet, and the chairman of Richemont Johann Rupert's big idea is to band them all together to compete against Amazon. Reuters quotes Rupert as saying at a conference in Monaco on Monday: "I was speaking to (LVMH CEO) Arnault, I was speaking to Kering ... We need a platform that is big enough for the luxury goods industry."
That platform would be Yoox Net-A-Porter, the company formed when Richemont sold Net-A-Porter to Yoox in March in an all-share deal. "I want to create a platform that is open to everyone, it is up to them (LVMH and Kering) now. ... I think it is a too big a game for any company to dominate," Rupert said. Richemont hopes that other luxury brands like Chanel, Valentino, and Dolce & Gabbana could invest in the new platform and commit to sell their goods online.
Rupert said last month that online retail is a "big boys' game ... not for the faint-hearted," and that merging Yoox and Net-A-Porter was necessary to compete in the market. Richemont will own 50% of Yoox Net-A-Porter Group, although its voting rights will be capped at 25%.