The Net-a-Porter and Yoox merger is set to complete on October 5 following the signing of the merger deed between the retailers.
Yoox and Net-a-Porter owner Largenta Italia, a vehicle indirectly controlled by luxury goods firm Richemont, have signed the deed, preparing the way for an online luxury fashion giant with combined profits of €108m.
The merger will be effective as of October 5, subject to the registration of the deed with the relevant companies registers.
On completion, the transaction will create the Yoox Net-a-Porter Group which will remain on the Milan stock exchange.
The deal was initially scheduled to complete in September and will create a business with revenues of €1.3bn.
Net-a-Porter founder and executive chairman of Net-a-Porter Natalie Massenet has quit the company ahead of the merger, while boss of Yoox Federico Marchetti will become the chief executive officer of the new Yoox Net-a-Porter Group.
At the time the deal was revealed, Massenet said: “Today, we open the doors to the world’s biggest luxury fashion store. It is a store that never closes, a store without geographical borders, a store that connects with, inspires, serves and offers millions of style-conscious global consumers access to the finest designer labels in fashion.
“A store that provides established and emerging brands with the greatest interactive shop window to the world. Together, with our world-class teams in technology, logistics, content and commerce we are redefining the fashion media and retail landscape. The best way to predict the future of fashion is to create it.”