Two giants become one: Yoox is to merge with Net-a-Porter← Back
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Following speculation last week, that Amazon was eyeing up Net-a-Porter, it emerges today that Italian company Yoox is to merge with the luxury fashion website.
Companie Financière Richemont, which currently owns Net-a-Porter, has agreed to a merger with rival luxury fashion and design etailer Yoox. Once combined, the two companies will be renamed the Yoox Net-a-Porter group and will span the entirety of the online luxury goods market, attracting as many as 24 million visitors a month to its sites.
Yoox is currently listed on the Italian Stock Exchange, and will continue to be as such following the merger, with the new company being headquartered in Italy. Richemont will own 50% of the group, and be restricted to voting rights of 25% in order to ensure that the group stays independent. Yoox’s founder and CEO, Federico Marchetti will become CEO of the the Yoox Net-a-Porter group, whilst Natalie Massenet, founder of Net-a-Porter, will remain onboard as Executive Chairman. Once the merge is completed, the group has indicated that it plans to raise €200 million in the aim of growing the company further.
Marchetti commented: “This is a game-changing merger between two pioneering companies that have already radically transformed the marketplace since 2000 and will now shift the industry paradigm once again. Together, we plan to expand on our many combined successes and industry breadth to strengthen partnerships with the world’s leading luxury brands and harness a significant untapped growth potential.”
The deal is to be completed in September this year, once it has been approved by shareholders, and will make the new Yoox Net-a-Porter Group the leading online retailer in the luxury market.