0712 GMT - Richemont's agreement to sell its e-commerce business Yoox Net-A-Porter to Mytheresa allows the Swiss group to retain some exposure to online multibrand luxury retail without operational control, RBC Capital Markets analysts Piral Dadhania and Nikolaos Lafioniatis say in a research note. The owner of Cartier reached an agreement to sell the business in exchange for a 33% stake in Mytheresa, a German online multibrand luxury shop. Richemont will become a prominent but non-controlling shareholder in Mytheresa, they say, adding that over the medium term, the Swiss company has the option to manage its position, since Mytheresa is a public company. Shares in Richemont are up 1.6% at 132.90 Swiss francs. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
October 07, 2024 03:12 ET (07:12 GMT)
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