MILAN – Compagnie Financière Richemont SA on Wednesday confirmed the delisting of Yoox Net-a-porter shares, following the successful takeover bid of the e-tailer first revealed in January. As reported, the procedure was carried out by the dedicated RLG Italia Holding SPA vehicle. The delisting is effective today.
The Swiss luxury group said it had paid more than 59.1 million euros for the remaining 1.6 percent shares that had not accepted the offer in a “force out” and an additional maximum 16,028 YNAP shares.
Borsa Italiana ordered the delisting from the Milan Stock Exchange effective as of today, suspending the YNAP shares from listing and trading on June 18 and 19.
Richemont confirmed in May that the vast majority of YNAP shareholders had agreed to sell to the luxury giant and that the minimum 90 percent threshold for its public tender offer had been fulfilled, securing 94.99 percent of Yoox Net-a-porter Group SpA’s ordinary shares.
Richemont’s plan was to acquire 51 percent of the YNAP shares it did not already own, valuing YNAP at about 5.3 billion euros.
Both founded in 2000, Yoox and Net-a-porter revealed their merger in March 2015, built on three pillars — in-season and off-season fashion and the management of online, monobrand stores. Yoox, founded by YNAP chief executive officer Federico Marchetti, was first publicly listed in December 2009. The newly formed YNAP was listed in Milan in October 2015. Natalie Massenet, founder of Net-a-porter, left the group in September 2015 after the merger. Both Richemont and YNAP have said the latter will continue to be run as a separate company. Marchetti is expected to stay on at the e-tailer.
On May 14, YNAP released what were expected to be its last set of figures as a separate public company. In the three months ended March 31, revenues inched up 0.5 percent to 518 million euros, compared with 515 million euros in the same period last year. At constant exchange rates, sales grew 7.9 percent.
YNAP stated that it expected to “achieve organic net revenue growth in line with its strategic plan” in fiscal year 2018, in light of its “leadership position in luxury fashion e-commerce and of the positive outlook for the online retail market, lifted by all the business lines and key markets. The group also expects to deliver an improvement in the adjusted EBITDA margin at constant exchange rates.”