MILAN (Reuters) – Shares in Italian online fashion retailer Yoox Net-A-Porter closed up almost 9 percent on Monday as traders cited reported interest from Chinese e-commerce giant Alibaba Group.
“There are reports Alibaba is interested in buying a stake in Yoox,” one of the traders said.
A report on Chinese fashion website Ladymax.cn said the Chinese conglomerate had contacted Yoox Net-a-Porter over capital cooperation, adding it did not rule out buying shares.
But a source familiar with the matter later denied the report. “It’s not true,” the source said.
Contacted by Reuters, YNAP said it did not comment on market speculation.
Shares in Yoox Net-A-Porter closed on Monday up 8.7 percent while the Italian all-share index <.FTITLMS> ended 0.75 percent higher.
(Reporting by Maria Pia Quaglia and Stephen Jewkes; editing by Mark Heinrich)