net-a porter and yoox merge
Online women's shopping site Net-a-Porter and Italian clothing retailer Yoox have this morning confirmed an all-merger deal, which will see the formation of the Yoox Net-a-Porter group.
Both sites launched in 2000, and the pairing will see the appointment of Yoox owner Frederico Marchetti as the company's CEO - whilst Net-a-Porter's founder Natalie Massanet is to serve as executive chairman.
The deal is expected to save the respective parties €60 million per year with an aim to narrow Net-a-Porter's profit loss, which was announced in 2014. The company will now sit on the Stock Exchange, with a net worth of $2.5 billion - the largest of any online luxury retail destination.
The announcement from luxury conglomerate Richemont follows speculation that Amazon was to buy a majority share of the Net-a-Porter group - a rumor that has now been quashed. Jonathan Rupert, Chairman of the Richemont group added, "the merger of the two leaders will further enhance an independent, neutral platform for a sophisticated clientele looking for luxury brands."