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.”
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