Richemont sells off Net-A-Porter

Richemont says the all stock merger of its Net-A-Porter Group with internet fashion retailer YOOX has been completed.

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Cape Town - Richemont, owner of luxury brands like Cartier, said on Monday the all stock merger of its Net-A-Porter Group with internet fashion retailer YOOX has been completed.

This move will create an e-commerce company with estimated revenue of over $1.4 billion as the two companies try to strengthen their position in the online market for luxury goods.

The deal will generate a one-off, non-cash, accounting gain in Richemont’s financial statements for the full-year ending 31 March 2016 of between 610 million and 670 million euros, said Richemont, which is led by South African Johann Rupert.

AFRICAN NEWS AGENCY