Alibaba Group reportedly interested in Yoox

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 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.