Net-a-Porter, which recently celebrated its one millionth sale as the world’s leading online luxury fashion retailer, is set to be bought by Richemont. Richemont, the Swiss company which also owns luxury brands Cartier, Van Cleef & Arpels, Piaget and Mountblanc, already owns 33% of Net-a-Porter’s stock and values the company and £350 million.
Natalie Massanet, the founder of Net-a-Porter will stay on as the Executive Chairman and says, “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.”
Richemont’s offer is set to become unconditional on April, 1 2010 and it is anticipated that it will be approved by Net-a-Porter’s shareholders.
Tags: Fashion, Spring 2010 Fashion