Home / Knowledge / News / Fashion / Yoox Net-a-Porter sells 4% stake to UAE retail major
Yoox Net-a-Porter sells 4% stake to UAE retail major
21
Apr '16
Courtesy: YNAP
Courtesy: YNAP
Yoox Net-a-Porter, an e-commerce group that calls itself the “world's biggest luxury fashion store,” is getting a foothold in the a 100 million-euro stake sale to Alabbar Enterprises, the Dubai-based owner of Emaar Properties, which includes the Dubai Mall, the world's most-visited luxury shopping mall.

“The world's biggest online retailer is joining forces with the world's biggest brick-and-mortar retailer,” Federico Marchetti, chief executive of Yoox Net-a-Porter, according to a report in The New York Times.

In a deal announced on Tuesday in Milan, Alabbar, which is controlled by Mohamed Alabbar, will pay 28 euros a share, a premium of 5.7 per cent on the closing share price of Yoox Net-a-Porter on Monday. The deal values the company at 3.7 billion euros ($4.2 billion). Richemont, the former parent of Net-a-Porter, will remain the group's largest shareholder; Alabbar will have 4 per cent of ordinary shares.

It is the biggest move Marchetti has made since Yoox merged with Net-a-Porter in March 2015. Natalie Massenet, the founder of Net-a-Porter, who was expected to be executive chairperson, resigned from the group a few months later.

The company's shares rose 7.4 per cent Tuesday morning in Milan, before paring their gains and closing at 27.80 euros, a 5 per cent increase.

The investment is also a vote of confidence in the future of Yoox Net-a-Porter without Ms. Massenet, who was widely seen as having the trust of the luxury world, and with Marchetti, who founded Yoox as an off-season sale site, cast in the role of corporate manager.

Marchetti said the money would be used to develop an integrated platform across the group's brands, as well as to fund increased localization of websites, especially in Middle Eastern countries. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

UK, EU agree to take more time for Brexit deal

Textiles | On 19th Oct 2018

UK, EU agree to take more time for Brexit deal

After an ongoing Brexit summit produced no tangible results, European ...

Courtesy: Pexels

Textiles | On 19th Oct 2018

US announces intent for trade deals with Japan, EU, UK

US Trade Representative Robert Lighthizer recently notified the...

Courtesy: Turtle Limited

Fashion | On 19th Oct 2018

'We are trying to imbibe multi-utility factor in menswear'

Turtle Limited, a leading Indian brand in menswear fashion, is trying ...

Interviews View All

Amit Jain, Shingora Textiles Ltd

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Evelyne Cholet, UCMTF

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Headhonchos, Indian fashion industry

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Mala Alwani,

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Riddhi Jain,

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Manoj Sorathiya,

Manoj Sorathiya

Surat-based Sunrise Imports &amp; Exports Co is a manufacturer and...

Mr Hartmann Huth, Trevira GmbH

Mr Hartmann Huth
Trevira GmbH

Trevira GmbH is an innovative European manufacturer of high-value branded...

Prof Seokheun (Sean) Choi, Binghamton University, State University of New York (SUNY)

Prof Seokheun (Sean) Choi
Binghamton University, State University of New York (SUNY)

A team of researchers from the State University of New York (SUNY),...

Georg Reinhold, Trützschler  Nonwovens & Man-Made Fibers

Georg Reinhold
Trützschler Nonwovens & Man-Made Fibers

Trützschler Nonwovens & Man-Made Fibers, a part of the Trützschler Group,...

Robert Brunner, Devereux

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Divvya and Nidhhi Gambhir, Walnut

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Sandeep and Sarah Shaikh Gonsalves, SS Homme

Sandeep and Sarah Shaikh Gonsalves
SS Homme

SS Homme celebrates the craft of traditional tailoring through the bespoke ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search