After speculation that Amazon had its sights on Compagnie Financiere Richemont’s Net-a-Porter Group, WWD confirms that it is in fact Yoox Group that plans to merge with the luxury retail business. The group, which also houses Mr Porter will be merged with Yoox and called Yoox Net-a-Porter Group. The current agreement is conditional upon approval of Yoox shareholders in June. Richemont will hold fifty percent of the share capital for the new company. Richemont chairman Johann Rupert shares, “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.” Read more at WWD.com.
