After several months of speculation which saw Amazon being touted as the most likely buyer of Net-a-Porter from Richemont, it has been confirmed that the online fashion retailer will instead merge with Yoox to create a market leading luxury fashion business. Yoox is understood to have paid around £600 million for Net-a-Porter with Richemont taking 50 per cent of the combined business’ share capital. It is estimated that the new business – Yoox Net-a-Porter will generate revenues of around £1 billion a year. The transaction is expected to complete in September.
Net-a-Porter founder Natalie Massenet will continue in the business as its executive chairman with the founder of Yoox, Federico Marchetti assuming the role of chief executive. Richemont will continue to have a presence on the board of the new combined business.
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