Richemont in £2.4bn bid for Yoox Net-A-Porter

Lawrence Kim
January 23, 2018

"We see a meaningful opportunity to strengthen further Yoox Net-A-Porter Group's leading positioning in luxury e-commerce, growing the business in existing and new geographies, increasing product availability and range, and continuing to develop unparalleled services and content for today's highly discerning consumers", Mr Rupert says. Richemont chairman Johann Rupert said the group was proud to have participated in the growth of Net-a-Porter since its infancy and played a role in the creation of YNAP. Originally founded in 2000 by former fashion journalist Natalie Massenet, Net-A-Porter is considered the pioneer in luxury retail online, and has since both grown and launched a number of other multi-brand stores as well as dedicated online stores for a number of fashion brands.

As Net-A-Porter and later Mr.

The takeover bid, which is estimated to be worth €2.8 billion (£2.4 billion), would only go ahead once it is approved by YNAP Group shareholders.

"This means investing even more in product, technology, logistics, people and marketing", Marchetti said in a statement.

Back in 2015, Yoox bought Richemont's Net-A-Porter unit in a transaction that gave the Swiss company a 25% voting stake, as well as putting the Italian company's management in charge. "As part of our group, YNAP Group would continue to operate as a separate business, ensuring it remains a neutral and highly attractive platform for third party luxury brands". Richemont shares, meanwhile, were 1.22% lower at CHF89.00. Following up that Federico Marchetti has already made an "irrevocable" promise to accept the offer in respect to selling all of his shares to the Richemont Group.

Richemont now owns 24.97% of YNAP's ordinary shares. Now three years later Richemont has exercised its right to attempt to buy shares again, which is exactly what it is doing if I understand the details correctly.

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