Richemont snaps up the rest of Yoox Net-a-Porter for £2.7 billion
Luxury goods powerhouse Richemont on Thursday got the green light to buy the rest of Yoox Net-a-Porter it does not already own for £2.7 billion.
The firm behind the Cartier and Montblanc brands, said the majority of online retailer Yoox’s shareholders have agreed to sell at €38 (3330p) a share. They include Yoox’s chief executive Federico Marchetti who stands to make around €200 million.
He will remain at the helm, and said: “Together with Richemont, we will invest even more in product, technology, logistics, people and marketing.”
Marchetti added that the deal would help the company be “truly unbeatable”.
Richemont owns 49% of the business, which stocks labels such as Jimmy Choo and Versace.
Analysts think this will help to deter takeover swoops from rivals.
The Milan-listed company came out of the merger between Italy’s Yoox and Richemont’s Net-a-Porter in 2015. The latter was managed by founder Dame Natalie Massenet until she departed shortly after the tie-up.
