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Kering’s larger rival LVMH, owner of Louis Vuitton, last year launched its own multi-brand website known as 24 Sevres and has developed websites for its labels in-house. The Kering/YNAP joint venture included an option for the French group to buy, and for YNAP to sell its stake after seven years. This meant a break-up was always a possibility, but the Richemont takeover has called into question whether more brands might exit their YNAP partnerships. “We believe that an increasing number of luxury brands may also end their flagship partnerships with YNAP,” analysts at Berenberg said in a note patek philippe replica cufflinks uk sale.
For now, YNAP will still manage online stores for over 20 clients, from Italy’s independent Armani to puffer jacket maker Moncler, in a business that made up 10 percent of its 2.1 billion euros ($2.39 billion) revenues in 2017. “This is a natural evolution for a large group with the scale of Kering,” YNAP said in emailed comments, adding that its e-commerce management business continues to thrive and included new services like designing mobile phone apps patek philippe replica cufflinks uk sale. Richemont, also the owner of Cartier, declined to comment..
Brands are still exploring partnerships with third parties in specific areas or regions. Kering also said on Monday it was working with Apple Inc. on applications for use by sales assistants to scan inventories. Rivals like France’s Chanel and Britain’s Burberry have partnered with Farfetch on similar services. Some Kering brands also work with JD.com and Alibaba in China. Kering’s online sales made up 6 percent of its 6.4 billion euro turnover in the first half of 2018, and grew by 80 percent in the third quarter, faster than revenue growth in department stores or its own shops. ($1 = 0.8797 euros) patek philippe replica cufflinks uk sale.
CARACAS/MEXICO CITY (Reuters) – Venezuela’s oil ministry last month turned down a proposal by BP (BP.L) to buy Total’s (TOTF.PA) stake in a promising but inactive natural gas project along the maritime border with Trinidad and Tobago, five people briefed on the matter said. BP owns the rights to the Trinidadian side of the gas play patek philippe replica cufflinks uk sale. It could have used the output from the neighboring area, the Deltana Platform’s fourth block off Venezuela’s eastern coast, to feed its growing operations on the island, said the people, who were not authorized to speak publicly..
The rejection highlights how Venezuela’s socialist government, often hostile to foreign companies, remains an obstacle to investment even as oil majors eye the OPEC nation’s barely tapped gas reserves to expand their liquefied natural gas (LNG) portfolios patek philippe replica cufflinks uk sale. The ministry told the parties the area’s reserves needed to be re-estimated, an argument it has used to reject other deals. Two of the people said the deal had been waiting for approval for two years. France’s Total said in a March filing that the sale of its 49 percent stake was “awaiting approval from the authorities.”..