Pursuits
Richemont Buys Net-a-Porter, Online Fashion Retailer
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Cie. Financiere Richemont SA, the world’s largest jewelry maker, agreed to buy the rest of Net-a- Porter LLC for as much as 225 million pounds ($343 million) in cash to gain a stronger foothold in the online fashion market.
The acquisition of the 67 percent stake values the 10-year-old company at 350 million pounds ($533 million), the maker of Cartier watches said today. Richemont shares rose as much as 2.5 percent, heading for the highest close since November 2007.