LONDON — Yoox Group has named Enrico Cavatorta chief financial and corporate officer, effective Monday, while the company’s board of directors has approved the proposed merger with Net-a-porter Group.
Cavatorta will oversee administration, finance and control, corporate development and investor relations, legal and corporate affairs, risk management and compliance, as well as general services. Beginning May 1, he will also take on the role of director responsible for preparing financial statements.
Cavatorta, who will report to Yoox founder and chief executive officer Federico Marchetti, joins after 15 years at Luxottica, where he began as chief financial officer. His last role was co-chief executive officer, corporate functions, in 2014.
During his 15-year tenure, he managed several international acquisitions, including Sunglass Hut, OPSM and Oakley, and contributed to their integration within Luxottica.
Cavatorta graduated in business and economics from Rome’s LUISS Guido Carli University, and began his career at Procter & Gamble Italy, later moving to McKinsey & Company and Piaggio Group.
“Thanks to his deep experience with dynamic global companies and his proven expertise in managing the integration of international acquisitions, I am sure that Enrico will play a key role in the exciting new chapter ahead of us,” said Marchetti.
The Yoox board also approved the plan to merge Net-a-porter with Yoox. As reported, the merger will give Net’s parent Compagnie Financière Richemont a 50 percent stake in Yoox and 25 percent of the company’s voting rights. The new Yoox Net-a-porter Group will be quoted on the Milan bourse.
The board approved the appointment of Net’s founder Natalie Massenet as executive chairman of the combined group with defined responsibilities, and the appointment of two new directors designated by Richemont: Richard Lepeu and Gary Saage, co-ceo and cfo of Richemont, respectively.
On March 31, Richemont and Yoox Group revealed the merger in a transaction that will see the creation of a new retail brand, Yoox Net-a-porter. Built on three pillars — in-season and off-season fashion, and the management of online, mono-brand stores — the new group will have combined net revenues of 1.3 billion euros, or $1.41 billion at current exchange.