Net-A-Porter and Yoox are set to become one, creating, in Natalie Massenet's words, 'the world's biggest luxury fashion store' it has been confirmed.
Luxury holding company Richemont, which owns Net-A-Porter having bought it in 2010, revealed the sale of Net to Yoox in a statement today, ending speculation that the London-based e-tailer was set to be bought by Amazon. With combined net revenues of €1.3bn in 2014, it is thought that the newly created Yoox Net-A-Porter Group will attract upwards of 2.4 million visitors to the site a month.
'Today, we open the doors to the world's biggest luxury fashion store,' said Net-A-Porter founder Natalie Massenet. 'It is a store that never closes, a store without geographical borders, a store that connects with, inspires, serves and offers millions of style-conscious global consumers access to the finest designer labels in fashion. A store that provides established and emerging brands with the greatest interactive shop window to the world
'Together, with our world-class teams in technology, logistics, content and commerce we are redefining the fashion media and retail landscape. The best way to predict the future of fashion is to create it.'
While Net-A-Porter has made its name (and money) selling the most current designer collections available, Yoox has made its fortune by selling past-season pieces at discounted prices. The coming together of these two stores will no doubt make them an even bigger force to be reckoned with in the online marketplace.
Federico Marchetti, founder of Yoox, said: 'This is a game-changing merger between two pioneering companies that have already radically transformed the marketplace since 2000 and will now shift the industry paradigm once again. Together, we plan to expand on our many combined successes and industry breadth to strengthen partnerships with the world's leading luxury brands and harness a significant untapped growth potential.'
Both Marchetti and Massenet will play important roles in the new group, with Marchetti named as the chief executive officer, and Massenet the executive chairman – the same role she holds now at Net-A-Porter.