Natalie Massanet has resigned as executive chairman of Net-a-Porter, just as the U.K.’s Competition and Markets Authority okayed its upcoming merger with Yoox Group.
The London-based online luxury retailer announced in March that it would merge with Yoox, the Milan-based online luxury retailer, to form the Yoox Net-a-Porter Group. Massanet was slated to be the chairman of the new group, and Yoox CEO Federico Marchetti will be group chief executive.
Massanet released her own statement, shared fully in the Telegraph: “The business I started in 2000 could not be in better shape today. Having joined forces with Yoox Group, the company will be bigger, stronger and superbly well positioned under Federico’s leadership to lead the industry and create the future of fashion. As a continuing loyal customer I will be excited to see the next chapters for this amazing business.”
Marchetti spoke to WWD on Massanet’s resignation, saying, “As a fellow entrepreneur, I have to say ‘hats off’ to Natalie Massenet. I’d like to take this occasion to congratulate her for having created such a wonderful company with an exceptionally talented team of professionals. I am very excited to help write the next chapter in the future of Yoox Net-a-Porter Group, and I wish Natalie all the best.”
Yoox shares, which are traded on the Milan bourse, were up 5.16 percent following the announcement.