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Richemont takes over Yoox Net-a-Porter

By Kristopher Fraser

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Luxury conglomerate Richemont, whose portfolio includes brands such as Cartier, Montblanc, and Alfred Dunhill, has announced they have acquired the remaining ordinary shares in Yoox Net-a-Porter (YNAP) Group. The company headquartered in Milan is now on track to de-list from the stock market according to data from the Italian bourse.

Richemont, which already owned 25 percent of YNAP, in January offered 3.32 billion dollars for full control of the retailer so they could better compete in the expanding online market. Nearly 94 percent of YNAP shareholders targeted by Richemont’s offer accepted the bid by its deadline according to preliminary data from the Italian bourse, putting Richemont's stake in the company at above 95 percent. That surpasses the 90 percent threshold that triggers an obligation to buy out the remaining investors and de-list the group.

Richemont’s bid had already been approved by Italian competition watchdog Consob and the European Commission.

In a statement, YNAP chief executive Federico Marchetti said the successful public tender offer meant his company “powered by Richemont” would make it “truly unbeatable."

“Together with Richemont, we will invest even more in product, technology, logistics, people and marketing,” he said. “We will accelerate our global growth and guarantee YNAP’s long-term leadership. We started the business long before anyone else believed luxury could move online. I’m proud of what we’ve built over nearly two decades."

YNAP's portfolio includes Net-a-Porter, Mr Porter, The Outnet and Yoox.

Richemont
Yoox Net a porter