Pursuits
Yoox to Buy Richemont’s Net-a-Porter Unit in All-Stock Deal
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Yoox SpA agreed to buy Cie. Financiere Richemont SA’s Net-a-Porter business in an all-stock deal that creates the world’s biggest online luxury-goods retailer.
The transaction will give Richemont a 50 percent stake in a new company named Yoox Net-a-Porter Group, the Geneva-based owner of the Cartier and Chloe brands said in a statement Tuesday. The entity will have annual revenue of 1.3 billion euros and a market value of about 3 billion euros, based on yesterday’s close. Yoox’s founder, Federico Marchetti, will be chief executive officer, while Net-A-Porter founder Natalie Massenet will be chairman.