31 Mar '15, 7am

#luxury

#luxury

LONDON, United Kingdom — Cie. Financiere Richemont SA agreed to merge its Net-a-Porter online fashion retail unit with Italian rival Yoox SpA. Johann Rupert , Chairman of Richemont, said: “We are proud of Net-A-Porter’s achievements under the leadership of Natalie Massenet , ably assisted by a wonderful team of professionals. Established business models are being increasingly disrupted by the technological giants. It is with this in mind that we believe it is important to increase leadership and size to protect the uniqueness of the luxury industry. The merger of the two leaders will further enhance an independent, neutral platform for a sophisticated clientele looking for luxury brands.” Richemont will own 50 percent of the combined company, to be called Yoox Net-a-Porter Group, the Geneva-based owner of the Cartier and Chloe brands said in a statement Tuesday. It will be...

Full article: http://www.businessoffashion.com/articles/news-analysis/r...

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