Kering Group Bring Ecommerce In-House
French conglomerate Kering Group, which owns the likes of Gucci, Balenciaga and Saint Laurent, have announced that they will be bringing their ecommerce outlets in house. The powerhouse fashion group will look to develop their own ecommerce sites for all their brands to sit on, which will finish the “highly successful and fruitful” seven-year partnership they have had with Yoox Net-A-Porter Group.
Kering’s chief client and digital officer Grégory Boutté said, “These exciting new initiatives have been designed to meet, and exceed, the needs of our [brands’] customers and to ensure we continue to offer them an exceptional experience across all channels in a fast-changing global market”. He continued to say, “These opportunities have been made possible by the experience and know-how that Kering has gained over the years, notably through its successful joint venture with YNAP. We will continue to work with them post-transition and to enjoy a fruitful relationship.”
The Kering-YNAP partnership included a clause for the French group to buy YNAP stake in their ecommerce sales after seven years, meaning a break-up was always on the cards. However, after Richemont bought YNAP earlier this year, there has been 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 global investment company Berenberg said.
The strides Kering are making in the ecommerce world has not stopped at building their own platform; the group has also created an internal data science team that will be focused purely on a better customer service, as well as also investing in a China-based digital team responsible for adapting digital practise for the market.