Richemont bids $3.4bn to acquire Yoox Net-a-Porter Group
The bid is yet to be approved by YNAP shareholders
Luxury goods maker Richemont has launched a voluntary public tender offer of $3.4bn to acquire Yoox Net-a-Porter Group's shares.
Currently, Richemont owns almost 50% of Yoox Net-a-Porter (YNAP) shares, and it will now offer EUR38 for the remaining 75.03% shares. YNAP chief executive Federico Marchetti has expressed plans to accept the offer, citing in his statement:
"Richemont aims to provide additional resources that further strengthen and accelerate YNAP's long-term leadership in online luxury. This means investing even more in product, technology, logistics, people and marketing."
Richemont chairman Johann Rupert added in his statement: "Thanks to our long-term commitment and resources, we see a meaningful opportunity to strengthen further Yoox Net-a-Porter Group's leading positioning in luxury e-commerce, growing the business in existing and new geographies, increasing product availability and range, and continuing to develop unparalleled services and content for today's highly discerning consumers."
YNAP, will continue to operate as a separate business to ensure it remains a highly attractive platform for third-party luxury brands.
YNAP's shares would be delisted from the Milan exchange, according to terms of the deal.
Dubai's Alabbar Enterprises bought 4% stake in YNAP in 2016, with a plan to help expand the brand in the Middle East.