Swiss luxury goods holding company Compagnie Financière Richemont (Richemont) has expressed its intent to acquire all the ordinary shares of the Italian online fashion retailer Yoox Net-a-Porter (YNAP) by launching a voluntary public tender offer.
Under the offer, Richemont stated that it will be paying €38 for each ordinary share held by the YNAP shareholders, which would make it a €2.6bn deal if approved.
A copy of voluntary public tender offer was also sent to the relevant market authorities.
Currently owning a 49% stake in YNAP, the new offer would see Richemont increase its share to more than 90%.
YNAP chief executive officer Federico Marchetti is reported to have accepted Richemont’s offer to acquire all the ordinary shares of the company.
Richemont chairman Johann Rupert said: “The success of our various Maisons has been dependent on giving our clients the best possible products and service.
“This client-centric obsession led us to invest in very many avenues. We are therefore proud to have participated in the growth of NET-A-PORTER since its infancy and in the creation of YOOX NET-A-PORTER GROUP.
“With this new step, we intend to strengthen Richemont’s presence and focus on the digital channel, which is becoming critically important in meeting luxury consumers’ needs.”
Richemont noted that it will support YNAP in executing their strategies and further accelerating the growth of the business.
Upon completion of the deal, the Italian company will operate as a separate business unit in order to ensure that it remains as a neutral platform for third-party luxury brands.