Shares in Yoox Net-A-Porter have been de-listed from the Milan Stock Exchange, marking the final stage of Richemont’s acquisition of the company.
The deal gives Richemont full control of Yoox, Net-A-Porter and its subsidiary Mr Porter.
It has been a convoluted journey to get to this point.
British entrepreneur Natalie Massenet, who created Net-A-Porter in 2000, sold out to Richemont in 2010. Mr Porter was launched as a men’s equivalent to the women’s luxury fashion ecommerce site in 2013. The company added watches to its offering in 2015 and now represents 16 luxury watch brands.
Italian rival Yoox bought Net-A-Porter from Richemont in 2015, creating the Yoox Net-A-Porter group.
Richemont then bought 49% of YNAP before launching a bid in January to acquire the remaining shares.
The terms of the deal announced in January valued YNAP as a whole at 5.3 billion euros, YNAP CEO Federico Marchetti said.
Along with all of the YNAP ecommerce platforms, Richemont will also soon own Watchfinder, a specialist in buying and selling pre-owned watches online and through a small network of physical shops in the UK.