Shares in Yoox Net-A-Porter have been de-listed from the Milan Stock Exchange, marking the final stage of Richemont’s acquisition of the company.
The deal gives Richemont full control of Yoox, Net-A-Porter and its subsidiary Mr Porter.
It has been a convoluted journey to get to this point.
British entrepreneur Natalie Massenet, who created Net-A-Porter in 2000, sold out to Richemont in 2010. Mr Porter was launched as a men’s equivalent to the women’s luxury fashion ecommerce site in 2013. The company added watches to its offering in 2015 and now represents 16 luxury watch brands, alongside a wide variety of jewellery brands and designers including Stephen Webster, Tiffany & Co, Piaget, Messika, and Boucheron.
Italian rival Yoox bought Net-A-Porter from Richemont in 2015, creating the Yoox Net-A-Porter group.
Richemont then bought 49% of YNAP before launching a bid in January this year to acquire the remaining shares.
The terms of the deal announced in January valued YNAP as a whole at 5.3 billion euros, YNAP CEO Federico Marchetti said.
Along with all of the YNAP ecommerce platforms, Richemont will also soon own Watchfinder, a specialist in buying and selling pre-owned watches online and through a small network of physical shops in the UK.