Yoox Net-a-Porter merger set to complete next week

Yoox has announced that its merger with the online luxury fashion brand, Net-a-Porter, will be completed on 5 October following the signing of a merger deed by the two companies.

Earlier this year, Net-a Porter’s owner Richemont said it had entered into an agreement with Yoox in an all-shares transaction that would create a company with combined net revenues in 2014 of €1.3 billion.

Richemont will hold 50% of the share capital although its voting rights will be restricted to 25%.

Yoox founder Federico Marchetti will become the chief executive of the merged business.

Yoox and Net-a-Porter said the combined company will have more than two million high-spending customers and over 24 million monthly unique visitors worldwide.

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