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Tuesday, May 24, 2011

Reuters Summit-Italy's Yoox open to tech sector buy, (YOOX)

Online fashion retailer Yoox (YOOX.MI) would consider buying a technology provider if an opportunity arose but is not currently planning acquisitions, its founder and chief executive said on Tuesday. The company has enough room to expand as it looks to add 5-6 brands a year and focuses on boosting its position in the fast-growing Chinese market, Federico Marchetti told the Reuters Global Luxury and Fashion Summit. "For now, (an acquisition) is not part of the plan," Marchetti said. "But we are in the market for opportunities. "Any investment we can make in technology is something that is worth investigating at least," he added.