Yoox buys Net-A-Porter

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After weeks of speculation, luxury online retailer Yoox has been revealed as the buyer of of fellow e-tailer Net-a-Porter.

In a merger still awaiting approval, previous owners Richemont will hold on to 50 per cent of the business, but will see its voting rights limited to 25 per cent, effectively putting Yoox in charge of the business.

If approved, Yoox boss Federico Marchetti will move into the Chief Executive role from September, while website founder Natalie Massenet will become the Executive Chairman.

The new group is also reported to be gathering 200 million Euros in funding to help growth when the deal is sealed.

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