Net-a-Porter to merge with Yoox
Net-a Porter’s owner Richemont has entered into an agreement with Yoox in an all-shares transaction that will create a company with combined net revenues in 2014 of €1.3 billion.
Richemont will hold 50% of the share capital although its voting rights will be restricted to 25%.
Yoox founder Federico Marchetti will become the chief executive of the merged business.
Marchetti said: "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. 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.”
Yoox and Net-a-Porter said the combined company will have more than two million high-spending customers and over 24 million monthly unique visitors worldwide.
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