Net-a-Porter and Yoox owned Largenta Italia, which is indirectly controlled by luxury goods conglomerate Richemont, have signed the deed. This will create an online luxury fashion giant with combined profits of €108m. The merger will be effective October 5, subject to registration of the dead, rather than its initial expect completion of September. The transaction will create the Yoox Net-a-Porter Group, which will remain on the Milan stock exchange.
Chief Executive of Yoox, Federico Marchetti, will become the Chief Executive Officer of the new Group. Founder and Executive Chairman of Net-A-Porter resigned from the company ahead of the merger. When the deal was announced, Massenet said: “Today, we open the doors to the world’s biggest luxury fashion store. It is a store that never closes, a store without geographical borders, a store that connects with, inspires, serves and offers millions of style-conscious global consumers access to the finest designer labels in fashion. A store that provides established and emerging brands with the greatest interactive shop window to the world. Together, with our world-class teams in technology, logistics, content and commerce we are redefining the fashion media and retail landscape. The best way to predict the future of fashion is to create it.”