A fashion marriage made in heaven is how Italy’s Yoox and London’s Net a Porter are hailing their merger.
Swiss luxury group Richemont, which owns Net a Porter, is to retain a 50% share in the new company, but with only 25% of voting rights.
The merged company will have revenues of over a billion euros, and claims it will attract two million spending customers a month, and nearly 300 million visitors a year.
The deal is expected to net savings of 60 million a year, and a rights issue worth 200 million euros is planned.
Federico Marchetti, founder of Yoox, will be chief executive of the new company.