Richemont bid for Net-a-Porter
Swiss luxury goods group Richemont (CFR.VX) has bid to acquire Net-a-Porter in a deal which values the UK online fashion retailer at about £350m.
Richemont already owns a 29 percent stake in Net-a-Porter and is looking to acquire the remainder of the company from other shareholders including founder Natalie Massenet.
The deal, expected to be completed this week, will see founder Natalie Massenet, a former fashion journalist, become at least £50m richer as Richemont acquires the remaining 70pc of the company it doesn’t already own.
Acquiring Net-a-Porter will give Richemont the channel to sell its own brands including Cartier, Alfred Dunhill and Chloé on the site that around 2m women log on a month to read, browse and buy from more than 200 labels.
The London-based website set up by Mrs Massenet 10 years ago, employs more than 800 people in New York and London. Featuring brands as Jimmy Choo, Alexander McQueen, Stella McCartney and Givenchy, the site delivered a 67pc increase in 2008 revenues to £55.2m.
Having set the standard in luxury fashion commerce it will be interesting to see where full Richemont control takes the brand. Watch this space…
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