Kering To Launch e-Commerce, Will End Joint Venture With YNAP
PARIS — It is being reported that French international luxury group Kering is looking to launch its own e-commerce platform to rival LVMH’s 24 Sèvres?.
The luxury conglomerate which owns Yves Saint Laurent, Gucci, Alexander McQueen, Balenciaga, Puma, Brioni, Christopher Kane and other brands announced a new digital strategy. Among some of the initiatives include plans for in-house “e-commerce activities” that are currently being handled by Yoox Net-a-Porter. The transition is expected to happen in the first half of 2020.
This decision will also ends Kering‘s official joint venture with YNAP but, Kering’s chief client and digital officer Grégory Boutté insists that the company will continue to work with YNAP post-transition, but we are not sure as in what capacity at the time of this post.
“These exciting new initiatives have been designed to meet — and exceed — the needs of our Houses’ customers and to ensure we continue to offer them an exceptional experience across all channels in a fast-changing global market,” he said. “These opportunities have been made possible by the experience and know-how that Kering has gained over the years, notably through its successful joint venture with YNAP. We will continue to work with them post-transition and to enjoy a fruitful relationship.”
It’s still unclear of how Kering will approach doing things “in-house.” Will it’s brands eventually only be available online through their individual sties? Or will it launch a collective e-commerce platform — a one-stop shop for all things Kering? Online shopping is the company’s fastest growing channel, representing 6 percent of its retail sales for the first half of this year.
In March 2018, DM Fashion Book exclusively confirmed that Kering sold its 50% share of Stella McCartney back to the namesake designer (see it here), this past July 2018, we reported that Kering was in talks with Christopher Kane to sell the brand back to the British designer (see it here), and in November 2017, we announced Kering was set to sell German sportswear giant Puma for almost $7 billion (see it here).
Photos Credit: Courtesy of Kering