Yoox shareholders approve Net-a-Porter merger

Shareholders in the Yoox Group have given the go-ahead to the proposed merger with the Net-a-Porter Group, which was announced back in March but was pending the shareholders vote.

Yoox shareholders approved the appointment of Net-a-Porter’s founders and existing chairman, Natalie Massenet, to the board of directors, as well as to the role of executive chairman for the entire new company. Yoox founder and chief executive officer Federico Marchetti will be the new group’s CEO.

Richard Lepeu and Gary Saage were also appointed members of the board of directors of the new Yoox Net-a-Porter Group SpA with effect from the date of the merger.

In addition, shareholders also agreed to a future increase in share capital of up to 200 million euros, and stated that the exchange ratio for the merger is one newly issued Yoox share for every one share in Net-a-porter, which is currently owned by Compagnie Financière Richemont.

The merger is set to be completed in October, a month later than was originally planned.