Launch of the Yoox Net-a-Porter Group officially set for October
29 Sep 2015
On Monday, The Yoox Group announced that the merger deed with Net-a-Porter had officially been signed, setting next October 5 as the official date for the new group to start trading.
As Yoox advanced in an interview with ‘WWD’, the "merger would be effective subject to the registration of the deed with the relevant companies' registers, and subject to the approval of Consob, Italy's securities and exchange commission."
Yoox and Net-a-Porter owner Largenta Italia, a vehicle indirectly controlled by luxury goods firm Richemont, have signed the deed, preparing the way for an online luxury fashion giant with combined profits of 108 million euros, highlights the Italian trade press.
Thus, Net-a-Porter and Yoox merger is set to complete on October, 5 following the signing of the merger deed between the retailers.
Soon after, shares in Yoox Net-a-porter Group will be listed on the Milan stock exchange once the merger is complete.
Yoox founder Federico Marchetti is set to become chief executive officer of the combined company. Meanwhile, earlier this month, Net-a-Porter founder Natalie Massenet resigned from the online fashion retailer prior to its planned merger, although she previously stated that she was "super happy in the background," recalls Bloomberg.
Richemont is expecting to gain circa 317 million euros from the Yoox merger, as the parent company of Yoox will own 50 percent of the new combined company.