MILAN – Compagnie Financière Richemont has launched a voluntary tender offer on all ordinary shares of the Yoox Net-a-porter Group SpA at 38 euros per share, for a value of up to 2.77 billion euros. Richemont plans to acquire 51 percent of YNAP shares it does not already own.
“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,” said Johann Rupert, chairman of Richemont. “We see a meaningful opportunity to strengthen further Yoox Net-a porter Group’s leading positioning in luxury e-commerce, growing the business in existing and new geographies, increasing product availability and range, and continuing to develop unparalleled services and content for today’s highly discerning consumers. As part of our Group, Yoox Net-a-porter Group would continue to operate as a separate business, ensuring it remains a neutral and highly attractive platform for third party luxury brands.”