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Richemont acquires Net-a-Porter

Luxury goods group Richemont has confirmed it will buy Net-a-Porter in a deal that values the online designer fashion retailer at GBP350 million (USD542.6 million).

Founder Natalie Massenet will reinvest in the Net-a-Porter business alongside Richemont and will remain executive chairman.

Richemont already had a 28 percent stake in the business. It made an initial approach to buy the remaining shares in the business last month.

Richemont, which also owns the Chloe and Alfred Dunhill brands, immediately moved to reassure suppliers that Net-a-Porter would remain an independent business.

(Source: Retail Week)