Net-a-Porter deal sees Luxury goods giant Richemont catch €317m

Following completion of the merger, Yoox Net-a-Porter plans to raise up to €200m in growth capital

Joanna Bourke
Wednesday 01 April 2015 00:37
Comments
Natalie Massenet, the former fashion journalist who founded Net-a-Porter in 2000
Natalie Massenet, the former fashion journalist who founded Net-a-Porter in 2000

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.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged in