Richemont is merging its subsidiaries Net-A-Porter Group with YOOX S.p.A. in an all-share transaction.
YOOX is an Internet retailing partner for leading fashion brands. Its online stores encompass yoox.com, thecorner.com, and shoescribe.com, as well as numerous mono-brand online stores.
“Richemont has been a pioneer in luxury e-commerce, first as a minority shareholder of Net-A-Porter in its infancy and then as a controlling shareholder since 2010,” said Richemont chair, Johann Rupert.
“We are proud of Net-A-Porter’s achievements under the leadership of Natalie Massenet, ably assisted by a wonderful team of professionals. Established business models are being increasingly disrupted by the technological giants. It is with this in mind that we believe it is important to increase leadership and size to protect the uniqueness of the luxury industry. The merger of the two leaders will further enhance an independent, neutral platform for a sophisticated clientele looking for luxury brands.”
The deal is subject to YOOX shareholder approval at a meeting expected to be held in June. The new company will be named ‘YOOX Net-A-Porter Group.’ Massenet, founder and executive chair of the Net-A-Porter Group, will serve as executive chair and Federico Marchetti, founder and chief executive officer (CEO) of YOOX Group will be CEO of the combined entity.
