Shares in Yoox Net-a-Porter rise
Shares in newly-merged Yoox Net-a-Porter rose strongly on Monday, their first day of trading on the Milan bourse, as investors bet on faster than expected profit growth at the online luxury goods group. The float comes after the group was created earlier this year through the purchase by Italy's Yoox of upmarket rival Net-a-Porter, in an all-share deal that made Richemont the main shareholder in a group with combined sales of 1.3 billion euros ($1.5 billion).
Copyright Reuters, 2015
Analysts at JP Morgan had on Friday noted recently published projections for the merged entity suggested it could surpass even their own upbeat forecasts.
A merger document showed first-half proforma revenue of 792 million euros for Yoox Net-a-Porter and earnings before interest, tax, depreciation and amortisation (EBITDA) of 60 million euros.