Rocky shares at Richemont and Yoox after rumoured sale

ANALYSIS_ "Richemont has a long-standing policy of not

commenting on market rumours. Exceptionally in this case, Richemont wishes to make it clear that The Net-A-Porter Group is not for sale," the company said in a statement issued soon after reports broke on the potential talks between the two groups.

On Wednesday Italian newspaper Il Sole 24 Ore reported that Net-a-Porter had held talks with rival Italian retailer Yoox. Immediately, Yoox denied it was in talks with the Swiss luxury goods group Richemont over a possible merger with competitor Net-a-Porter.

On the wake of the news, shares at Richemont opened its last trade at the price of 9.72 dollars, closing 1.52 percent lower for the day. The company traded with the total volume of 69.152 shares, compared to its average trading volume of 158.372 shares.

Friday, Cie. Financiere Richemont SA gained 1.2 percent after saying its Net-a-Porter unit isn’t for sale. The Swiss group will present its interim report 2013/2014 on November, 8.

Meanwhile, Yoox raised the alarm among analysts that follow the stock as it came dangerously close to its low of 23.82 euros and away from the record high the stock hit on September 23 at 29 euros.

As timely reminded by ‘Le Boursier’, Yoox currently holds a partnership with Kering, as they are part of a joint venture launched the past June for marketing Bottega Veneta, Yves Saint Laurent, Alexander McQueen, Balenciaga, Stella McCartney and Sergio Rossi brands via online shops. The agreement states that after seven years of activity, Kering would have an option to buy the 49 percent of Yoox in the joint venture. The Italian company will have an option to sell its securities.