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Net-a-Porter merges with Yoox

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Net-a-Porter, a subsidiary of Swiss luxury group Richemont, is set to merge with Milan-based global Internet retailing partner for leading fashion brands, Yoox.

Following the alliance, the e-commercesite will be named Yoox-Net-a-Porter.

The Compagnie Financière Richemont and YoNet-a-Porter, a subsidiary of Swiss luxury group Richemont, is set to merge with Milan-based global Internet retailing partner for leading fashion brands, Yoox.ox Group have recently reached a conditional agreement, stating that the acquisition of the subsidiary of the Swiss group by the Italian company would be done through stock exchanges. Consequently, Richemont will receive a profit of EUR317 million, integrating with its fiscal year 2016/2017. The Swiss group will retain 50 percent of the shares of the company, while Yoox will own 25 percent.

Yoox-Net-a-Porter to become a new standard of luxury fashion?

Net-a-Porter’s current executive chairman, Nathalie Massenet, will still hold office in the new company.  The current CEO of Yoox Group, Federico Marchetti, will be appointed Net-a-Porter’s CEO. Finally, the Richemont group will appoint seven of the 12 members on the board of directors of the company.

“Today, we open the doors to the largest luxury fashion store in the world. This is a store that never closes, a store without geographical boundaries, a store that connects, inspires and serves millions of consumers around the world eager to access the best fashion designer labels,”says Massenet.

To maximise growth, Yoox-Net-a-Porter will increase its capital by EUR200 million. During the last fiscal year, Net-a-Porter achieved a turnover of EUR700 million, a profitable result for the first time.

Together, Yoox and Net-a-Porter have capitalised a total turnover amounting to EUR1.3 billion in 2014.

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