Net-a-Porter merges with Italian rival Yoox
This is what you call a global online retail powerhouse
It has been confirmed that Compagnie Financiere Richemont has merged Net-a-Porter Group with Milan-based rival Yoox, after much speculation about international companies (including Amazon) being in talks to buy the retail site founded by Natalie Massenet.
Under the name Yoox Net-a-Porter Group, the new company will have Yoox's founder Federico Marchetti as CEO. According to Richemont's announcement, it will own 50 percent of Yoox Net-a-Porter.
"Today, we open the doors to the world's biggest luxury fashion store," Natalie said in a statement. "It is a store that never closes, a store without geographical borders, a store that connects with, inspires, serves and offers millions of style-conscious global consumers access to the finest designer labels in fashion. A store that provides established and emerging brands with the greatest interactive shop window to the world. Together, with our world-class teams in technology, logistics, content and commerce we are redefining the fashion media and retail landscape. The best way to predict the future of fashion is to create it."
Related: Amazon might be buying Net-a-Porter