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Federico Marchetti, chief executive of YNAP, said Richemont would provide additional resources to strengthen YNAP’s long-term leadership in online luxury. “This means investing even more in product, technology, logistics, people and marketing,” he said. The acquired shares give Richemont nearly 50percent of YNAP. They also represent almost 26percent premium over its closing price on the Milan Stock Exchange of e30.26 (R478) a share in January in a deal that was said to be worth e2.7billion to value YNAP at e5bn. Johann Rupert, Richemont’s billionaire chairperson,


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Mr Corbyn said this should be funded by higher charges for parents who send their children to private school - and Labour quoted an estimate from the Fabian Society that VAT on private school fees could raise about 1.5bn per year. "No child in the UK should go hungry at school. By charging VAT on private schools fees, Labour will make sure all primary school children, no matter what their background, get a healthy meal at school," says the Labour leader. 'More work needed' Labour said there was research evidence showing that universal access to free school meals would raise achievement.