The largest luxury online stores: Italian Yoox and Net-a-Porter, owned by the Swiss group Richemont, are merging.
The merger will result in a joint venture called Yoox Net-a-Porter Group, of which Richemont will own 50%, however, the rights of the Swiss group will be limited: no more than 2 members on the board of directors and 25% of votes when making decisions. Feodico Marchetti, the founder of Yoox, will become the CEO of the new company, the head office will remain in Italy, the shares will continue to be quoted on the Italian stock exchange.
“The merger of Yoox and Net-A-Porter will give rise to a group that will become a global leader and shape the future of online luxury retail,” said Federico Marchetti. “For 15 years of their existence, both companies have created their own market, transformed this segment of trade, and their merger opens up new growth prospects”.