May 10, 2018
YNAP shareholders back Richemont offer
May 10, 2018
Online luxury retailer Yoox Net-a-Porter (YNAP) is on track to be de-listed following the end of a takeover offer launched by Cartier owner Richemont.
Richemont -- which already owned 25% of YNAP -- in January offered up to €2.8 billion (£2.5 billion) for full control of the retailer to better compete in an expanding online market for luxury goods.
Nearly 94% of the shareholders targeted by the offer - or around 70% of YNAP's share capital - accepted the bid by its deadline, preliminary data from the Italian bourse showed, taking Richemont's stake in the company to just above 95%.
That is above the 90% threshold that triggers an obligation to buy out the remaining investors and de-list the group.
Federico Marchetti, founder and CEO of YNAP, said the group "powered by Richemont will be truly unbeatable.
Our solid track record of growth has made us #1 in online luxury. Together with Richemont, we will invest even more in product, technology, logistics, people and marketing. We will accelerate our global growth and guarantee YNAP’s long-term leadership."
Additional reporting by Sandra Halliday
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