Breaking News | Richemont confirms acquisition of Net-a-Porter

Net-a-Porter screenshot | Source: Net-a-Porter

Net-a-Porter screenshot | Source: Net-a-Porter

LONDON, United Kingdom It’s official and finally confirmed. Net-a-Porter, the world’s pioneering and leading luxury ecommerce retailer has been acquired by Richemont, which was already the largest shareholder in Net-a-Porter prior to the announcement of the transaction this morning, valuing the business at a whopping £350m.

Natalie Massenet, Net-a-Porter’s Founder and Executive Chairman has long been a friend and supporter of BoF, so not only are we delighted that she and her founding team have deservedly cashed in on all their hard work over the past ten years, but also because, with the backing of Richemont, there is a chance that many of BoF’s dreams and ideas for Fashion 2.0 can now become a reality.

Natalie Massenet told The Business of Fashion this morning: “The timing is right for us. The company has reached a natural point where it is capable of enormous growth. We look forward to working with Richemont in this next chapter.”

And, perhaps this makes Richemont the biggest winner of all. Having recognised the potential of Net-a-Porter’s content-meets-commerce model early on, it now has the most powerful luxury fashion retailing platform at its disposal at a time when the entire retail model and operating system of the fashion industry is being redefined.  The potential synergies and opportunities are enormous, not to mention the access Richemont now has to the top minds in the luxury online retail space.

Indeed, Massenet said in a press release this morning: “We will be announcing exciting new plans for the business over the coming months. 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.”

BoF is very much looking forward to it — and being a part of it.

Read an exclusive and inspiring BoF CEO Talk interview with Natalie Massenet here.

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4 comments

  1. Big congratulations to Natalie and Net-a-Porter!

    With Richemont owning a stake at NAP, I’m very curious how the other luxury conglomerates would respond, such as LVMH and PPR, considering NAP carry some of their brands. To this day, I’m still shocked how LVMH pulled the plug on eLuxury (who only served the US — big mistake) out of the online market.

  2. This is such a strong and far-reaching move! Richemont has been very smart early-on with NaP… It is going to be difficult for any competitor to challenge that strategy. Looking forward to these 21st century models. For now congrats to BoF and Imran for leading the debate.

    Florian Gonzalez from London, London, United Kingdom
  3. It’s going to be interesting to see how they develop NAP in the future and how competitors respond to this move with their own strategies, it’s going to take creative thinking for the rest to not replicate this but go beyond and give Richemont a run for their money

  4. @bryanboy – Is Richemont owning NAP really that different to LVMH owning Le Bon Marche department store in Paris or rival luxury congolmerate PPR’s past ownership of Printemps? This is not the first ever instance of brands being faced with selling to stores owned by rival companies. I’m sure common sense will prevail.

    Caricouture from Galway, Galway, Ireland