Richemont makes bid for Net-a-Porter
Luxury etailer Net-a-Porter is reported to have received a bid from Swiss luxury group Richemont.
Richemont was already a 28% stakeholder of the business and is believed to have made a bid for the rest of the company. The etailer’s founder Natalie Massenet and Venezuelan investor Baywinds also held stakes in the business, it is unclear what, if any, stake they would retain in the company.
The business was set up by Massenet in 1999 and could be sold for up to £350m.
Net-a-Porter’s biggest markets are the UK and the US. In the six-months to August 1 pre-tax profits grew 56% to £7.1m with sales up 40% to £53.2m.
In November the business denied speculation that it was preparing for a float. Massenet said at the time that a public listing “has always been there as a potential exit for shareholders but it is not something we are focusing on”.
She added: “We don’t need to raise money, we run off our own steam. Our shareholders are very happy. They are there for the long run.”
Net-a-Porter also runs discount luxury fashion etail site the Outnet.com and the back office for Jimmy Choo’s online operations.
A spokesman for Net-a-Porter said: “We never comment on speculation.”
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