By John Revill
ZURICH--Cie. Financiere Richemont SA (CFR.VX) said Tuesday it
plans to combine its online fashion retailer Net-a-Porter with
Italian web-based clothing company Yoox SpA, a deal that will
create an Internet shopping giant with revenue of more than $1.3
billion.
Geneva-based Richemont said it will own half of the new company,
which will be called Yoox Net-a-Porter Group. However, Richemont's
voting rights in the combined company will be limited to 25%, a
provision designed to maintain its independence.
Federico Marchetti, the founder and chief executive of Yoox,
will become the combined company's CEO, Richemont said. Natalie
Massenet, the founder and executive chairman of Net-a-Porter, will
serve as executive chairman.
The deal is subject to approval by Yoox shareholders and is
expected to be completed in September.
-Write to John Revill at john.revill@wsj.com
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