SWITZERLAND: Richemont buys Net-a-Porter in GBP350m deal
Luxury goods group Richemont has agreed to buy online fashion portal Net-a-Porter in a deal which values the business at GBP350m (US$530m).
Richemont, which already held 33% of the UK business’s share capital, said the offer had the “full support” of the company’s senior management, including founder Natalie Massenet.
Massenet will stay on as executive chairman and, according to Richemont, has made an investment in the subsidiary established to own and run Net-a-Porter.
“This is an incredibly important stage in the life and development of the Net-a-Porter group,” she said.
“Ten years on and firmly established as a benchmark in global luxury online retail, the Net-a-Porter group is poised and ready for the next decade and beyond.”
Richemont executive chairman and CEO Johann Rupert said the group would provide the company with the support needed to put its business strategies into practice.
“At Richemont, we value the independence of our Maisons very highly,” he added. “That principle will especially apply to Net-a-Porter as a platform for third parties.
“Natalie has created a superb, customer-oriented business at Net-a-Porter in a relatively short period of time.”
Established in 2000, Net-a-Porter sells collections from more than 300 fashion designers, shipping to more than 170 countries. It recently completed its millionth order.
In the year to 31 January, the business turned over GBP120m. It employs about 600 staff in London and New York.
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