Richemont to merge Net-a-Porter with Yoox

|By:, SA News Editor

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.

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