Pre market watch1/8/2024 ![]() ![]() Richemont did not give details on the price of the deal.īy John Miller and Sarah White editor: Jane Merriman. News as one of the top upcoming IPOs to watch in 2022 back in December, the popular social messaging app hasnt yet confirmed a move to go public, but signs in the first. The transaction is expected to close in summer of 2018, Richemont said, adding it would have no material impact on consolidated net assets or the operating result for the financial year ending March 31, 2019. "Together with Yoox Net-a-Porter and our stake in (Swiss duty free company) Dufry, the acquisition of Watchfinder is another step in Richemont’s strategy," the company said. The Watchfinder deal comes as Richemont, which owns fashion labels like Chloe and other watch brands like Baume & Mercier - takes control of luxury goods shopping platform Yoox Net-A-Porter to boost its online presence. Many third-party second-hand watch businesses operate primarily online, including Chronext and Chrono24. LVMH, owner of the Hublot, Tag-Heuer and Zenith brands, was also considering launching a pre-owned watch business, a Swiss newspaper reported in March. Switzerland's Audemars Piguet upped the ante on rivals earlier this year, saying it would launch its own second-hand business, starting with its outlets in its home market. They cited the greater average markdowns on the price of timepieces compared to other items in the second-hand market, giving watchmakers an incentive to take more control over this business. Compared to other luxury firms, including high-end clothing and handbag makers, watchmakers might have more to lose by not getting involved, analysts at Berenberg said in a report earlier this year.
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