Richemont Says Gain From Yoox Merger to Boost Full-Year Profitby
Accounting gain estimated at 610 million to 670 million euros
Richemont won't sell half of its stake for at least 3 years
Cie. Financiere Richemont SA said full-year profit will be boosted by an accounting gain of 610 million euros ($685 million) to 670 million euros after the completion of the merger of its Net-a-Porter Internet unit with Yoox SpA.
The owner of the Cartier and Montblanc brands has received 65.6 million shares in Yoox Net-A-Porter Group, as the new company is known, Richemont said in a statement on Monday. That’s about 50 percent of its stock, though the luxury-goods maker’s voting rights are limited to 25 percent.
Richemont said it has agreed not to sell a 25 percent stake in the new company during three years.
The accounting gain will be included for the year ending March 31, 2016.