Italian etailer Yoox has formed a joint-venture agreement with French luxury group PPR to help accelerate the development of its luxury brands online.
The venture will see Yoox handle the online sales of some of PPR’s brands including including Bottega Veneta, Yves Saint Laurent, Alexander McQueen, Balenciaga and Sergio Rossi.
The Sergio Rossi and Bottega Veneta online stores will be launched first, by the end of 2012 with all the remaining online stores launched globally, including in China, by the end of 2013.
PPR holds a majority 51% stake in the newly created company with Yoox owning the remaining 49%.
The venture will mean that PPR can benefit from Yoox’s global logistics and ecommerce expertise, making its brands accessible in more than 100 countries worldwide.
“E-business is a strategic priority for the Group,” said François-Henri Pinault, chairman and chief executive of PPR.
“PPR’s mission is to be the engine behind all our brands so that they each fully realise the potential for organic growth that they all enjoy.
“This joint-venture will allow PPR to generate synergies and shared resources available to our brands through best-in-class e-commerce expertise.”