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Richemont Clinches Takeover of Yoox Net-A-Porter

The Swiss luxury goods group has garnered more than 95 percent of the Italian group's shares.

Yoox Net-a-Porter Group | Source: Courtesy

Reuters

25 May 2018

ZURICH, Switzerland — Swiss luxury goods group Richemont has clinched its takeover offer for Yoox Net-a-Porter (YNAP) by garnering more than 95 percent of the Italian group's shares, the companies said on Friday.

Cartier owner Richemont, which like many rivals in the watch industry and high fashion world has been slow to move into selling online, had offered 38 euros per share for YNAP. The stock closed on Thursday at just below that level.

The offer valued YNAP at €5.3 billion (£4.6 billion).

By Michael Shields.

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