Following intense press speculation, Switzerland-based luxury
conglomerate Richemont confirmed on 1st April that it had bought
the majority stake in London-based fashion etailer Net-a-Porter.
Richemont, which owns the Cartier and Chloe brands among others,
has been a minority shareholder in Natalie Massenet’s apparel
business since 2002. This deal values Net-a-Porter at £350
million and was said to have made Massenet a personal fortune of
£50 million.
Natalie Massenet as executive chairman and chief executive Mark
Sebba will continue to lead Net-a-Porter. They are poised to take
advantage of the larger group’s product mix as well as its
experience in south-east Asia and other international
territories. In a statement, Mark Sebba said Net-a-Porter was
improving its infrastructure to cope with its growth plans. This
includes moving to new headquarters and making a
“substantial investment” in its London-based
international distribution centre. The year ahead will also see
Net-a-Porter enlarge its New York-based distribution centre, as
it focuses on increasing the number of new customers.
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