Nearly three years after Richemont SA merged Net-a-Porter with Italian rival Yoox SpA, the company is doubling down on its commitment to the luxury e-commerce leader. Richemont has made a public tender offer to buy all of the shares of YNAP that it does not already own for 38 euros per share.
The bid would still need to be approved by YNAP shareholders, but YNAP chief executive Federico Marchetti has indicated he would support the deal.
YNAP’s chief executive Federico Marchetti said he is receptive to the bid and YNAP has waived a clause in its shareholders document that would have prevented such Richemont and all its affiliates from purchasing any more shares in the company. Richemont says it plans to continue to operate YNAP as a separate company.
“Richemont explained that the rationale for the investment is to build on YNAP’s solid track record of growth,” said Marchetti in a statement. “Richemont aims to provide additional resources that further strengthen and accelerate YNAP’s long-term leadership in online luxury. This means investing even more in product, technology, logistics, people and marketing.”
“We are very pleased with the results achieved by Yoox Net-a-Porter Group’s management team, led by Mr Federico Marchetti, and we intend to support them going forward to execute their strategy and further accelerate the growth of the business,” said Johann Rupert, chairman of Richemont. “Thanks to our long-term commitment and resources, we see a meaningful opportunity to strengthen further Yoox Neta-Porter Group’s leading positioning in luxury e-commerce, growing the business in existing and new geographies, increasing product availability and range, and continuing to develop unparalleled services and content for today’s highly discerning consumers.”
(Source: The Business of Fashion )