This time, the rumors ended with Yoox merging with net – Porter, of the Richemont group. After seeing how Amazon are included in talks for a possible acquisition, the Italian company is who has closed the deal by a number that round the 719 million euros.
Yoox acquires 50% of the shares in net – Porter and renamed his company to Yoox NET – Porter Group, According to Richemont in a statement, the company that maintains the other 50% but whose votes for decision-making are limited to 25%, with the intention of maintaining the independence of the new group, in the words of the company. Federico Marchetti, founder and CEO of Yoox, will be the new executive director, and the founder of net – Porter in 2000, Natalie Massenet will remain the President.
After the new fusion, which has to be approved at the meeting of shareholders of Yoox in June and who expected to be completed in September 2015, After the approval of regulators, Yoox NET – Porter Group intends to launch a capital increase of more than EUR 200 million to find new opportunities for growth, expansion in which Richemont expected to be present.
Yoox NET – Porter Group will be the new leader in the world of luxury fashion online around the world, with a combined profit of 1.3 billion euros, According to the own Yoox, and a gross profit of operating (EBITDA) of EUR 108 million.
Logistics Center of Yoox
“Together we intend to expand our success and strengthen the Alliance with the most important luxury brands in the world, as well as take advantage of significant untapped growth potential”, according to Federico Marchetti. “The merger between two leaders will improve even more an independent platform for a sophisticated client wanted by luxury brands”, according to Richemont. “We’re redefining the media and sale of fashion. The best way to predict the future of fashion is create it,”says Natalie Massenet.
This union comes from afar. In 2013 Richemont has warned that net – Porter was not for sale, after the interest of Yoox, although rumors remained present until today. Yoox NET – Porter will be the new great leader to beat within the luxury online commerce. A union that will have the best of The Corner, Yoox, the three big online stores of the Italian group, in addition to their learning in the development of stores and Shoescribe brands like Valentino, Lanvin or Armani online, as well as the paradigm shift that resulted in net – Porter, whose business revolutionized fashion online trading.