Italian retailer Yoox eyes Net-a-Porter

The Italian internet retailer Yoox is the latest contender to swoop in with an offer for the luxury fashion business Net-a-Porter that could value the London-based firm at more than £1.3bn.

Milan-listed Yoox, which operates e-commerce sites for brands such as Armani and is valued at €1.3bn (£950m), is understood to have entered talks for a tie-up.

Online giant Amazon has also been linked with the retailer.

Net-a-Porter was founded by the former fashion journalist Natalie Massenet in 2000. It reported turnover of £533m for the year to 29 March 2014, up 23 per cent on the previous year.

In 2010 the luxury goods group Richemont, which held a 33 per cent stake, agreed to buy the rest of the company.

Ms Massenet is reported to be finalising a payout due to her five years after the deal with Richemont which could bring her more than €100m (£73m).