High-end online fashion retailer Net-a-Porter, owned by Richemont Group, has merged with Italian e-commerce company Yoox Group in an all-share deal. The combined group has also announced plans to raise up to €200 million in growth capital following completion of the deal.
Once the merger is approved by Yoox shareholders in June, the combined entity will be re-named Yoox Net-A-Porter Group and headquartered in Italy. Net-a-Porter founder Natalie Massanet will take on the role of executive chairman at the new group, the role she currently holds at Net-a-Porter, while Federico Marchetti, founder of Yoox, will be the chief executive.
“It’s a store that never closes, doesn’t have geographical borders, connects with, inspires, serves and offers millions of style-conscious global consumers access to the finest designer labels – established and emerging – in fashion,” that’s how Massanet describes the online fashion concept.
“We’ll harness a significant untapped growth potential,” Marchetti says, as the combined group will cover all the major international luxury markets.
“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,” adds Johann Rupert, chairman of Richemont Group. “The merger of the two leaders will further enhance an independent, neutral platform for a sophisticated clientele looking for luxury brands.”
UAE-based RAW recently announced that it would be extending its GCC operations,May 4, 2021 | By Bilal Syed
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
Locally owned supermarket Spinneys celebrates 60 years of doing business in the
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
UAE-based Al Maya Supermarkets is hosting a two-week food festival at select
Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the
Carrefour UAE has launched “Cookit Yourself” — a curated recipe box created
UAE-based Al Islami Foods, one of the largest frozen food companies in
Marks & Spencer’s plant-based range now offers over 25 vegan products including meat-free
World’s largest fully integrated online brand in fresh fish and meat e-commerce
Retailers in the Middle East are making strides in their multichannel offerings,
Gulf Marketing Group (GMG) is gearing up for a continued surge in
Blush & Bloom, an online maternity boutique that provides maternity, nursing, and
Abu-Dhabi based Rizek, the first app for on-demand home services in the
It is impossible for any retailer to survive without e-commerce capabilities, according
The unprecedented challenges of 2020 made way for the untapped opportunities that
GCC-based noon.com, the homegrown digital marketplace, announced its biggest ever Yellow Friday Sale
A new UAE e-commerce platform, Flip19.com, goes live in Dubai. The site
British quality grocery retailer Waitrose & Partners launched its first e-commerce platform
The COVID-19 pandemic has forever changed online shopping behaviours, according to a
Swedish fashion retailer H&M Group adopts an integrated approach to grow, amid