Switzerland-based luxury goods holding company Richemont has completed the acquisition of Italian online retailer YOOX Net-a-Porter (YNAP) Group.

Announced in January this year, the transaction secured approval from the Italian stock market regulator, CONSOB, during March.

The transaction is reportedly valued at €2.8bn for remaining stake (around 70%) to be acquired and €5.3bn for the entire group.

"YNAP powered by Richemont will be truly unbeatable."

Richmont already owns around 23% stake in YNAP and will own around 95% of stake following this transaction.

YNAP founder and CEO Federico Marchetti said: “YNAP powered by Richemont will be truly unbeatable. Our solid track record of growth has made us #1 in online luxury. Together with Richemont, we will invest even more in product, technology, logistics, people and marketing.

“We will accelerate our global growth and guarantee YNAP’s long-term leadership. We started the business long before anyone else believed luxury could move online.

“It’s been a journey fuelled by the creativity and courage of so many people. I’m grateful to the entire YNAP team for their hard work, and to all of the customers, partners and friends who have supported us along the way.”

YNAP is an online luxury fashion retailer that operates multi-brand in-season online stores, such as Net-APorter and Mr Porter as well as off-season online stores such as Yoox and The Outnet.

The company currently has presence in the US, Europe, Middle East, Japan, China and Hong Kong and offers services to more than 180 countries globally.