Sold: Net-a-Porter for £50million

Photo: Daylife Richemont, whose stable includes luxury brands Cartier and Montblanc has bought over Net-a-Porter, one of the biggest o...


Photo: Daylife




Richemont, whose stable includes luxury brands Cartier and Montblanc has bought over Net-a-Porter, one of the biggest online sites that specializes in designer items. Not only that, it has forged a brand for itself.

Former fashion journalist Natalie Massenet, the owner of Net-a-Porter, will remain as executive chairman under Richemont.

The Geneva-based retailer owns 33 per cent of the business and is making an offer for the remainder of the shares in a deal valuing Net-a-Porter at around £350million.

Net-a-Porter, which generated sales of £120million in the year to January, employs nearly 600 people in London and New York.



Massenet, who had an estimated 18 per cent stake in the website and is said to be reinvesting around £15million of the sale back into the business, remains 'completely committed' to the venture.

She said that plans for its development would be announced later this year. In particular, Richemont is likely to help the firm pursue growth opportunities in South East Asia (yay!)


"Richemont has completely embraced our vision and strategy since they came on board as a shareholder and together we are going to continue to build the 21st century model for luxury fashion retailing."


Net-a-Porter


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