It has been a while since we were hearing about the possible merger of Italian online fashion retailer, Yoox and Swiss company, Net-a-Porter. While speculation of the potential link-up continued to fester because of increased competition in the luxury goods online retail space, Yoox recently said in a statement that it would update investors of any merger developments, “as appropriate“. It has now been confirmed that Richemont SA, the Switzerland based luxury goods holding company and owner of Azzedine Alaia, Chloé and Net-a-Porter, has agreed to merge its online fashion retail unit Net-a-Porter with its Italian rivals Yoox in an all-share deal.
Richemont will own 50 percent of the combined company, to be called Yoox Net-a-Porter Grup, but its voting rights will be capped at 25%, effectively leaving Yoox in charge of the merged companies. It will be traded on the Italian stock exchange, with Federico Marchetti, Yoox’s founder, serving as Chief Executive Officer, and Net-a-Porter founder Natalie Massenet appointed as Executive Chairman. The new company Yoox Net-a-Porter Group boasts combined sales earnings of £1 billion.
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