Giants of luxury goods and online designer fashion join forces.
Richemont has confirmed that an offer to buy all shares of luxury online retailer Net-a-Porter has been accepted.
Richemont currently owns 33 percent of Net-a-Porter. The deal to acquire the remaining shares values the company at £350 million.
Net-a-Porter, established in 2000, sells collections from over 300 of the world’s leading fashion designers on its web site, but does not currently offer watches and jewellery from any of Richemont’s brands.
There was no announcement from either company as to whether this will change in the future, a move that would create considerable new competition for British jewellers that currently sell Richemont brands.
Johann Rupert, executive chairman and CEO of Richemont did stress that his company had no intention to impose any change in direction for its new acquisition.
“At Richemont, we value the independence of our Maisons very highly. That principle will especially apply to Net-a-Porter as a platform for third parties,” he said.
Natalie Massenet, executive chairman of Net-a-Porter, suggested that it would be business as usual for the online retailer. “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,” she said.