PARIS — PPR SA said today it signed a non-binding memorandum of understanding with Yoox SpA as the companies discuss having the Italian firm handle online sales of some of PPR’s luxury brands.
PPR said the memorandum addresses the Bottega Veneta, Yves Saint Laurent, Alexander McQueen, Balenciaga, Stella McCartney and Sergio Rossi brands, and that the two parties are aiming to close “a definitive agreement in the coming months.”
Speculation in Europe had been mounting about a joint venture between the two groups, goosing Yoox shares on the Milan Stock Exchange in mid-May and prompting both companies to clarify their intentions. Paris-based PPR, a retail-to-luxury conglomerate whose properties range from Gucci and Puma to the catalog retail group Redcats, said the memorandum was signed “with the aim of defining guidelines for the joint management of the e- commerce operations.”
Yoox has a multibrand division, which comprises online stores Yoox.com, Thecorner.com and its newly launched footwear store Shoescribe.com, and operates stores for designers including Giorgio Armani, Valentino, Dolce & Gabbana, Brunello Cucinelli and Marni.