Luxury shopping sites, Net-a-Poter and Yoox.com are merging according to a statement from Net-a-Porter's parent company, Richemont. The agreement is conditional upon the approval of YOOX shareholders at a meeting, which it is expected to be held in June 2015. Upon completion of the transaction, the combined entity will be renamed YOOX Net-A-Porter Group. Natalie Massenet, Net-a-Porter's founder and executive chairwoman, will stay on in that role and Yoox founder and CEO Federico Marchetti will become chief executive of the combined entity. As part of the deal, Richemont, which also owns Cartier and Alaia, will be receiving 50 percent of the combined company's shares, although its voting rights are capped at 25 percent, meaning Yoox will remain in power.
In a statement, Richemont chairman Johann Rupert: "Established business models are being increasingly disrupted by the technological giants. It is with this in mind that we believe it is important to increase leadership and size to protect the uniqueness of the luxury industry. The merger of the two leaders will further enhance an independent, neutral platform for a sophisticated clientele looking for luxury brands.” Sounds like the most major fashion site is in the works.