Richemont has announced the successful closing of its acquisition of all remaining ordinary shares in the Yoox Net-a-Porter (YNAP) Group.
The Milan-headquartered online retailer is now on track to be de-listed from the stock market, data from the Italian bourse showed today.
Swiss-based Richemont – which owns high-end brands such as Cartier, Montblanc and Dunhill London – already has a stake in the YNAP Group, but in January it made a voluntary tender offer to buy the shares it does not own for €38 (£33.5) per share.
The total value of the shares Richemont has acquired that they did not own equates around €2.8 billion (£2.36 billion), and the takeover valued the entire group at €5.3 billion (£4.64 billion).
Richemont would have full control of YNAP, which it hopes utilise to better compete in an expanding online market for luxury goods.
Nearly 94 per cent of YNAP shareholders targeted by Richemont’s offer accepted the bid by its deadline, according to preliminary data from the Italian bourse.
This means Richemont’s stake in the company is now just above 95 per cent.
It is also above the 90 per cent threshold that triggers an obligation for Richemont buy out the remaining investors and de-list YNAP.
Richemont’s bid had already been approved Italian competition watchdog Consob and the European Commission.
YNAP chief executive Federico Marchetti said the successful public tender offer meant his company “powered by Richemont” would make it “truly unbeatable”.
“Together with Richemont, we will invest even more in product, technology, logistics, people and marketing,” he said.
“We will accelerate our global growth and guarantee YNAP’s long-term leadership.”
YNAP Group is the Milan-based umbrella company of Yoox as well as British online retailers Mr Porter, the Outnet and Net-A-Porter.
“We started the business long before anyone else believed luxury could move online. I’m proud of what we’ve built over nearly two decades,” Marchetti said.
“It’s been a journey fueled by the creativity and courage of so many people. I’m grateful to the entire YNAP team for their hard work, and to all of the customers, partners and friends who have supported us along the way.
“The journey continues and it’s going to be very exciting.”
Source : https://www.retailgazette.co.uk/blog/2018/05/richemont-completes-acquisition-yoox-net-porter/