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Switzerland headquartered, Richemont Holdings, has announced it will launch a voluntary public tender offer to acquire all the issued and to be issued ordinary shares of Italian online fashion retailer, Yoox Net-A-Porter Group (YNAP).
Richemont is said to be offering €2.7 billion to take full control of YNAP. “With this new step, we intend to strengthen Richemont’s presence and focus on the digital channel, which is becoming critically important in meeting luxury consumers’ needs”, said Johann Rupert, Chairman, Richemont. “As part of our Group, YOOX Net-A-Porter Group would continue to operate as a separate business, ensuring it remains a neutral and highly attractive platform for third party luxury brands.”
The world’s leading online luxury fashion retailer, YNAP was created in 2015 as a merger between Yoox and The Net-A-Porter, both created in 2000. Through a joint venture established in 2012, YNAP partners with French luxury conglomerate Kering to manage the online flagship stores of several of its brands, including Bottega Veneta, Saint Laurent, Alexander McQueen, Balenciaga, Stella McCartney, McQ and Brioni.
YNAP boasts a client base of over three million high-spending customers, over 840 million visits worldwide and consolidated net revenues of €2.1 billion in 2017. The Group has offices and operations in the U.S., Europe, Middle East, Japan, China and Hong Kong and delivers to more than 180 countries around the world.