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Richemont offers €2.8 b for YNAP

Richemont offers €2.8 b for YNAP

Swiss luxury group Richemont has made a $3.3 billion bid to acquire Yoox Net-a-Porter, in an effort to jump into the ecommerce ring.

While the deal hasn't been approved by the YNAP board, the luxury brand clothing etailer seems positive on the bid.

"Richemont aims to provide additional resources that further strengthen and accelerate YNAP's long-term leadership in online luxury", he said.

Since 2015, Richemont has owned 48.9% of YNAP, but held only 25% of shares with voting rights, leaving the Italian e-commerce giant's management in control.

Richemont was instrumental in merging UK-based Net-A-Porter with Italian rival Yoox nearly three years ago.

The offer, for €38 per share for the 75 per cent of shares that Richemont does not own, represents an nearly 26 per cent premium to YNAP's closing price on Friday, according to Thomson Reuters data.

If the deal is finalised, YNAP will continue to be run as a separate company with Marchetti at the helm.

"Today marks an historic event for the YOOX NET-A-PORTER GROUP", said Federico Marchetti, founder of Yoox and CEO of YNAP.

Whilst Richemont has always been an early investor in the Net-a-Porter business with a minority stake in 2002, the latest bid will bring it full circle to form the world's largest and most powerful fashion e-tailer to date.

Richemont's bid for YNAP also comes just days after the online fashion retailer revealed net revenues topped €2 billion for the first time in its preliminary full-year results for 2017.

"With this new step, we intend to strengthen Richemont's presence and focus on the digital channel, which is becoming critically important in meeting luxury consumers' needs", said Richemont's chairman, Yohann Rupert.

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