The Italian Bureau of Competition has approved Swiss Richemont’s acquisition of Italian fashion webshop Yoox Net-a-Porter. The full bid, yet to be accepted, values the company at 2.7 billion euro.
90 % of shares
Richemont’s bid is valid from 19 March until 9 May. If certain conditions are met, there will be a second period from 21 to 25 May. If Yoox Net-a-Porter’s shareholders accept, then the Swiss luxury group will obtain at least 90 % of shares in the online retailer – compared to the nearly fifty percent it currently owns.
Federico Marchetti, Yoox Net-a-Porter CEO, said he will accept the offer and he will stay on as CEO. At the same time, the group will continue to function as an independent company.
Richemont’s acquisition bid comes in a time where an increasing number of luxury brands have turned their attention online. After years of reticence, they realize that the consumer is willing to buy expensive products online as well.