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.