Net-a-Porter’s founder Natalie Massenet has quit the online fashion giant ahead of its merger with Italian retailer Yoox Group.
In a statement released late yesterday Yoox confirmed that Massenet had tendered her resignation at Net-a-Porter and would not be joining the board of the new company.
Massenet, a former fashion journalist, has received “well in excess” of €100m (£73.5m) after selling shares in Net-a-Porter, according to reports.
The tie-up between Net-a-Porter and Yoox is expected to close later this year after it was yesterday given clearance by the UK’s Competition and Markets Authority.
The combined group will have sales of €1.3bn (£955m) and 2m customers, making it the the world’s largest luxury ecommerce company.
Massenet, who founded Net-a-Porter in 2000 from her London flat, was due to be executive chairperson of the combined company. Yoox agreed in April to acquire the etailer, which has been owned by Switzerland’s Richemont since 2010, for €3.2bn (£2.35bn).
The news comes in the same week that it emerged that Asos founder Nick Roberston, who also started his company in 2000, has stepped down as its chief executive.