Richemont has bid for total control of Yoox Net-a-Porter, in a move which would take the listed company private once more.
Already the group’s largest shareholder, luxury group Richemont wants to increase its 49% stake to at least 90%. It offered €38 a share, which represents a 26% premium on Friday’s closing price.
Boss Federico Marchetti, who will continue to lead the luxury etailer, has agreed to accept the offer on his 4% stake and signalled his strong support for the bid.
He said: “Richemont aims to provide additional resources that further strengthen and accelerate YNAP’s long-term leadership in online luxury. This means investing even more in product, technology, logistics, people and marketing.
“The prospect of no longer owning 4% of the share capital does not change my entrepreneurial commitment to YNAP. Dreaming and innovating to the benefit of our customers has always been my motivation; it will remain so in the years to come.
YNAP, created in the merger of Yoox, founded by Marchetti, and Net-a-Porter, founded by Dame Natalie Massenet, is currently one of a coterie of fast-growing luxury etailers in a group which also includes Matches and Farfetch.
The etailer revealed rocketing full-year profits and sales at it last full year.
Adjusted EBITDA rose 17% to €156m while sales were up 17.7% to €1.87bn. That growth rose to 19.2% in the fourth quarter, accelerating on the rest of the year.