The agreement with see Yoox lead the online sales division of some of PPR’s biggest brands, including Bottega Veneta, Yves Saint Laurent, Alexander McQueen, Balenciaga and Sergio Rossi.
The newly formed union will see PPR hold a majority stake of 51%, whilst Yoox will own the remaining 49%.
The partnership will also see PPR benefit from Yoox’s wealth of knowledge in the global logistics and ecommerce arena, with the company hoping to make 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.”
Entrepreneur Country also spoke to Linda Peters, Ariadne Capital's Senior Advisor on Luxury Retail (see image above). She said; "PPR, a 12.2 billion euro luxury goods company, has joined forces with a digital enabler, Yoox SpA, to support the growth of PPR’s e-commerce businesses by developing the global ecommerce platform for PPR’s brands.
‘This is a prime example of how large corporates are partnering with digital enablers in innovative ways to accelerate the growth of their global businesses, particularly through online channels. ‘’