- Kristopher Fraser |
Yoox Net-a-Porter (YNAP) will be delisting from the Milan Stock Exchange on June 20 after Richemont reaches 94.999 percent of the company's ordinary shares. Richemont, which owned 25 percent of YNAP to begin with, launched a takeover in January so they could better position themselves to compete in a growing digital market.
YNAP's trade will be suspended on June 18. The company, which is owned by South African businessman Johann Rupert, issued a statement to shareholders today.
"Richemont hereby confirms that the Minimum Acceptance Level Condition (MAC) has been fulfilled, as the 90 percent threshold of YNAP's ordinary share capital has been exceeded," the notice read. "Richemont hereby declares that the MAC Condition is fulfilled and, therefore, the offer is effective."
Italian authorities had originally granted Richemont to move forward with the deal back in January.
The question that remains is can Richemont lead the global online luxury market?