Richemont is finally exiting Yoox Net-a-Porter, but the price of ridding itself of the loss-making online luxury business is a hefty one.
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Richemont reported its weakest profit margin in more than a decade, showing how much it’s costing the Swiss luxury-goods maker to push into e-commerce.
Richemont’s decision to plough €2.7bn into e-commerce by buying out Yoox Net-a-Porter is a wake-up call to sceptics who thought consumers would never buy US$5 000 Cartier necklaces and $50 000 Vacheron