Deal creates store that 'never closes'
Italian online fashion retailer Yoox has bought Net-a-Porter, its upmarket rival, in an all-share deal that creates an industry leader in the online luxury market, with combined sales of €1.3bn.
Net-a-Porter owner Richemont will receive 50pc of the combined Yoox Net-a-Porter Group but its voting rights will be capped at 25pc, putting Yoox effectively in charge of the combined business.
"Today, we open the doors to the world's biggest luxury fashion store. It is a store that never closes, a store without geographical borders," said NAP founder Natalie Massenet, who will oversee editorial content and advertising of the new group as executive chairman. (Reuters)