Online fashion retailer Yoox shares soar after Reuters Luxury Summit interview

Shares in Italian online fashion retailer Yoox, seen as a bellwether for future luxury goods IPOs, rose 4 percent on May 24 and outperformed Milan’s allshare index, after its CEO told the Reuters Luxury and Fashion Summit in Paris he was open to acquisitions in the technology sector if opportunities arose. CEO Federico Marchetti also said revenue was continuing to grow at more or less the same pace as the last 15 months, or around 39 percent, above the market consensus for the year. Mediobanca analysts issued a report to clients in which they said they would welcome any deal aimed at making the company more competitive, adding no impact on financials was foreseen in the next few months. Two other analysts said the CEO`s positive comments on the sales trend and prospects of a future strengthening of the company drove shares high. MF-Dow Jones picked up the story in a market report saying shares in Yoox started rising after the Reuters story was published. Newspapers including Turin daily La Stampa and business newswire AdpNes picked up the interview with credit to Reuters.