Richemont cashes in on Net-a-Porter’s merger with rival

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Following the completion of merging the designer clothing online retailers, the new company, Yoox Net-A-Porter Group, is planning to raise up to €200 million in growth capital.

The deal will see Cartier parent Richemont pocket a one-off €317 million gain in the year to March 31 2016.

It will hold a 50% stake, though its voting rights will be limited to 25%.

 

It expects to attract more than two million high-spending customers and around 24 million visitors to its sites a month, where buyers can snap up brands ranging from Armani to Vivienne Westwood, pictured.

Natalie Massenet, who founded  Net-A-Porter in 2000, will be  executive chairman and Federico Marchetti, founder of Yoox, will be  chief executive.

Former fashion journalist Massenet sold 93% of Net-a-Porter to Richemont in 2010.

She owned most of the remaining 7% stake. As part of a five-year incentive plan, she could receive a £70 million payout when  the plan ends this year.

Marchetti said: “This is a game-changing merger between two pioneering companies.”

Source Article from http://www.standard.co.uk/business/business-news/richemont-cashes-in-on-netaporters-merger-with-rival-10146770.html

March 31, 2015 |
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