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Richemont says YNAP talks are "taking time"

Reuters
·1-min read
FILE PHOTO: High jewellery are displayed at luxury goods maker Cartier store on Place Vendome in Paris

ZURICH (Reuters) - Talks between luxury group Richemont and an unspecified number of industry players to create a joint online platform are going "well" but are taking time, the group's executives said.

The group announced in November that it was in talks to relinquish control of its online retail business YOOX Net-a-Porter (YNAP), notably by selling a stake to Farfetch, but on Friday it only said discussions with its 'Luxury New Retail' partners were continuing.

"We are in talks with a number of partners, and the talks are going well," Richemont Chairman Johann Peter Rupert told reporters.

(Reporting by Silke Koltrowitz and Silvia Aloisi)