Yoox Net-A-Porter Group SPAOTCPK - Current
Mar. 31, 2015, 3:16 AM
- Swiss luxury group Richemont (OTCPK:CFRUY) says it will merge its Net-a-Porter unit with Italian fashion site Yoox (OTCPK:YXOXY) in an all-share deal aimed at gaining a larger share of the fast-growing online luxury market.
- A report last week suggested that Amazon (NASDAQ:AMZN) was in talks to buy the online luxury retailer.
- Richemont said it will receive 50% of the combined entity, but its voting rights will be limited to 25% to preserve the unit's independence.
- Yoox shares are up 7.1% in Italy.