There has been months of speculation about e-retailer Net A Porter, and today they have confirmed that they will be merging with Italian retailer Yoox. In case you don't know Yoox, like Net A Porter, launched in 2000 and sells pieces from previous seasons at a discounted price.
They have combined net revenues in 2014 of €1.3bn and according to the BBC the new group will attract more than two million customers and 24 million visitors to the sites a month.
In a statement Natalie Massenet said: “Today, we open the doors to the world’s biggest luxury fashion store. 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.”
Natalie Massenet will stay on as executive chairman of the Yoox Net A Porter Group and Yoox founder Federico Marchettiwill become chief executive officer of the company. He said of the news: “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.”