Richemont has announced its intention to acquire the 75% of Yoox Net-A-Porter (YNAP) voting shares that it does not presently own in a deal valued at €2.8 billion.
Since 2015, Richemont has owned 48.9% of YNAP, but held only 25% of shares with voting rights, leaving the Italian e-commerce giant’s management in control.
Richemont chairman Johann Rupert says that YNAP will continue to operate as an independent business, but will benefit more from the global group strengths of the Swiss luxury giant.
“We see a meaningful opportunity to strengthen further Yoox Net-A-Porter Group’s leading positioning in luxury e-commerce, growing the business in existing and new geographies, increasing product availability and range, and continuing to develop unparalleled services and content for today’s highly discerning consumers,” Mr Rupert says.
“With this new step, we intend to strengthen Richemont’s presence and focus on the digital channel, which is becoming critically important in meeting luxury consumers’ needs,” he adds.
MrPorter.com, a gentlemen’s online portal owned by YNAP, has been growing its luxury watch department over several years, and now offers over 20 brands ranging from quirky independent Ressence to commercial Richemont brands including IWC, Jaeger-LeCoultre and Baume & Mercier.