The luxury goods giant Richemont will pocket €317m (£232m) after it agreed a €1.3bn online fashion merger of its Net-a-Porter business with its Italian rival Yoox.
Following completion of the merger, the new company, Yoox Net-a-Porter, plans to raise up to €200m in growth capital.
Read more: Italian retailer Yoox eyes Net-a-Porter
Natalie Massenet, the former fashion journalist who founded Net-a-Porter in 2000, will be executive chairman and Federico Marchetti, the founder of Yoox, will be chief executive. Ms Massenet sold the bulk of Net-a-Porter to Richemont in 2010, making it a 93 per cent shareholder. Ms Massenet owns most of the remainder.
Richemont will pocket a one-off €317m and hold 50 per cent of the new company, although its voting rights will be limited to 25 per cent.Reuse content