Online luxury retailer Yoox Net-a-Porter (YNAP) will be delisted from the Milan Stock Exchange on June 20 after Cartier owner Richemont reached nearly 95 percent of YNAP’s ordinary shares after a takeover.

The threshold of 90 percent had been set as the condition for the public offering and has now been reached, the Geneva-based group said in a press release.

Richemont, which already owned 25 percent of YNAP, in January launched a takeover to gain full control of the retailer so as to better compete in an expanding online market for luxury goods.

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The acquisition should enable Richemont, the owner of Cartier, Piaget and Jaeger-LeCoultre, to strengthen its online distribution at a moment when online sales of luxury products are flourishing.