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Paris - Italian online fashion retailer Yoox has agreed to buy Net-a-Porter, its upmarket rival, in an all-share deal that creates an industry leader in the booming online luxury market, with combined sales of €1.3bn.
Net-a-Porter's (NAP) owner Richemont [JSE:CFR] will receive 50% of the combined Yoox Net-a-Porter Group but its voting rights will be capped at 25%. Yoox management will effectively be in charge of the combined business and Richemont will take a back seat.
"Today, we open the doors to the world's biggest luxury fashion store," said NAP founder Natalie Massenet, who will oversee editorial content of the group as executive chairperson.
