YOOX S.p.A confirms that it is in talks with Net-A -Porter Group
Net-A-Porter’s recently launched magazine had reached a circulation of 152,500 after its first six issues, the online retailer said in February
The Italian e-commerce luxury retailer, The Yoox Group, confirmed reports that it is in talks with the Swiss company Compagnie Financière Richemont about its subsidiary Net-A-Porter. Richemont owns such luxury brands as Alfred Dunhill, Cartier, Piaget and Montblanc.
Other rumors have had Amazon also interested in the online retailer.
“PORTER’s impressive performance after only six issues is a fantastic achievement and we predict strong growth over the next 12 months as we continue to invest in and build the brand,” Tess Macleod-Smith, VP of Publishing and Media at the NET-A-PORTER Group said at the time
The new magazine is distributed in 60 countries, through 25,000 retailers, the company said. Subscriptions for PORTER stand at 32,000, an increase of 92 percent from that first issue.
“With reference to what has appeared in the press, YOOX S.p.A. clarifies that discussions are currently underway with Compagnie Financière Richemont SA regarding a potential business combination between YOOX S.p.A. and The Net-A-Porter Group Ltd,” YOOX said in a press release today.
Update: the merger is on, YOOX confirmed on March 31. The new company will be called YOOX Net-A-Porter Group.
“This is a game-changing merger between two pioneering companies that have already radically transformed the marketplace since 2000 and will now shift the industry paradigm once again,” Federico Marchetti, CEO of YOOX Net-A-Porter Group, said. Together, we plan to expand on our many combined successes and industry breadth to strengthen partnerships with the world’s leading luxury brands and harness a significant untapped growth potential.”