Net-A-Porter, the London-based luxury online retailer, and Yoox Group, the Milan-based luxury online retailer, will merge to become the Yoox Net-A-Porter Group, Yoox Group confirmed on Tuesday.
Net-A-Porter owner Richemont, which purchased the site in 2010 for $533 million, confirmed Monday that it was exploring a “business combination” with Yoox.
The merger is an all-share merger. Richemont will receive 50 percent of the combined group’s share capital and hold 25 percent of voting rights.
Federico Marchetti, founder and CEO of Yoox, will be the CEO of Yoox Net-A-Porter Group. Natalie Massenet, founder and executive chairman of Net-A-Porter, will be the executive chairman of Yoox Net-A-Porter Group.
“This is a game-changing merger between two pioneering companies that have already radically transformed the marketplace since 2000 and will now shift the industry paradigm once again,” said Marchetti. “Together, we plan to expand on our many combined successes and industry breadth to strengthen partnerships with the world’s leading luxury brands and harness a significant untapped growth potential.”
The websites will remain separate.Follow JCK on Instagram: @jckmagazine
Follow JCK on Twitter: @jckmagazine
Follow JCK on Facebook: @jckmagazine