Swiss luxury goods group Richemont has completed takeover of luxury online retailer Yoox Net-A-Porter (YNAP), having exceeded the threshold of owning 90% of shares to reach a total of 94.99%.
Shares sold to Richemont include the 4% previously held by YNAP CEO, Federico Marchetti. He is to maintain his position in the company following the takeover.
Marchetti said: “[YNAP] powered by Richemont will be truly unbeatable. Our solid track record of growth has made us number one in online luxury. Together with Richemont, we will invest even more in product, technology, logistics, people and marketing. We will accelerate our global growth and guarantee YNAP’s long-term leadership.”
Richemont already owns other high-end brands including Cartier, Montblanc, and Chloé, and announced its intentions to increase its stake in January, buying the remaining shares for £33.50 a share to a total value of £2.36 billion. The entire group is now valued at £4.64 billion.
YNAP will continue to be run as an independent company, separate from the main Richemont group.