Richemont already owns a 49percent stake in Ynap and is offering 38 a share to Ynap shareholders, which represents a premium of 26percent based on Friday’s closing price.
Yoox Net-a-Porter is a Milan-listed luxury e-retailer. The offer is still subject to Yoox Net-a-Porter shareholders, but its chief executive, Federico Marchetti, is endorsing the deal.
Richemont chief executive Johann Rupert said yesterday that with this new step, the group intended to strengthen Richemont’s presence and focus on the digital channel, which was becoming critically important in meeting luxury consumers’ needs.
“We are very pleased with the results achieved by Yoox Net-a-Porter’s management team, led by Federico Marchetti, and we intend to support them going forward to execute their strategy and further accelerate the growth of the business,” Rupert said.