MILAN — Yoox SpA shares closed up 11.67 percent at 11.15 euros, or $14.18 at current exchange, on the Milan Stock Exchange Thursday following rumors about the Italian online retailer and PPR SA that reached a boiling point that day. So much so that each company issued a clarification about their relations in the afternoon.
Speculation in Milan had been mounting about PPR’s interest in taking a controlling stake in Yoox, while rumors of a joint venture between the two groups emerged in Paris. In their statements, PPR and Yoox said they are “currently holding commercial discussions” with one another as “part of the two groups’ normal business activities, to examine the possibility of working together on an e-commerce project. No definitive agreement has been signed to date.”
According to Milan-based sources, PPR, parent company of brands ranging from Gucci and Balenciaga to Puma and Stella McCartney, is interested in expanding its online business and sees Yoox as a possible platform to help develop it. 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.