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Richemont Merges Net-A-Porter with YOOX
Mar 31, 2015 3:56 AM
By Deena Taylor
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RAPAPORT... Richemont will merge its subsidiary Net-A-Porter with YOOX Group in an all share deal, the company confirmed.
The deal is expected to take effect in September 2015, with the combined entity to be named YOOX Net-A-Porter Group. The combined entity will continue to be incorporated in Italy and listed on Borsa Italiana.
Richemont will own a 50 percent share in the combined entity; however, its voting rights will be limited to 25 percent in order to maintain YOOX Net-A-Porter Group's independence.
Federico Marchetti, the founder and CEO of YOOX, will serve as CEO of the new group, while Natalie Massenet, the founder and executive chairman of Net-A-Porter, will serve as executive chairman.
The deal is subject to the YOOX shareholders' approval at a meeting to be held in June 2015.
YOOX Net-A-Porter Group will launch a capital increase of up to $214.8 million (EUR 200 million) to fund future growth opportunities once the transaction takes effect in September.
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Tags:
Deena Taylor, luxury, net-a-porter, Richemont, yoox
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