Net-a-Porter Merges With Yoox

Yoox

Richemont, a high class luxury designer fashion site, has signed an covenant to merge its Net-A-Porter with Yoox, a website that is known for their discounted designer clothing, into a new combined company called “Yoox Net-a-Porter Group.”

The merger will most likely occur in September, according to Richemont, only if and when Yoox’s shareholders approve it at their next meeting happening in June.

Net-a-Porter’s founder and executive chairwoman Natalie Massenet will keep her position as is and Federico Marchetti, Yoox founder and CEO, will become chief executive of the partnership. As a part of the covenant, Richemont is entitled to hear 50 per cent of the combined company’s shares.

“The merger of the two leaders will further enhance an independent, neutral platform for a sophisticated clientele looking for luxury brands.” Richemont chairman Johann Rupert said in a statement.

Original article: Net-a-Porter Merges With Yoox