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The Switzerland based luxury holdings says it has successfully closed the acquisition of all remaining ordinary shares of the leading online luxury retailer.
Richemont’s stake at the Yoox Net-A-Porter Group (YNAP) is now around 95%, meaning the Swiss holding has an obligation to buy out the remaining investors and de-list YNAP as its stake is above the 90% threshold. The total value of the shares Richemont has acquired (that they did not already own) is of around €2.8 billion and the takeover valued the entire group totals €5.3 billion.
Federico Marchetti, Founder and CEO of Milan based YNAP, said the online retailer powered by Richemont will be “truly unbeatable” and further investments will be made in product, technology, logistics, people and marketing. “We will accelerate our global growth and guarantee YNAP’s long-term leadership.
Richemont owns several of the world's leading luxury companies in jewellery, watches and writing instruments, such as Cartier, Van Cleef & Arpels, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Vacheron Constantin, Montblanc, Alfred Dunhill and Chloé.
Source: Retail Gazette