Cartier owner Richemont makes an offer for Yoox Net-a-Porter

Richemont has made an offer to take control of luxury online retailer Yoox Net-a-Porter.

The Swiss luxury group owns a 49 per cent stake in Yoox Net-a-Porter and intends to increase its holding to 90 per cent, offering €38 a share, a 26 per cent premium on the Milan-listed stock’s closing price on Friday.

Richemont, the brand behind Cartier and Montblanc, would delist Yoox Net-a-Porter as part of the deal. However, it has said the two groups would continue as separate businesses.

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Federico Marchetti, Yoox Net-a-Porter’s chief executive, would stay in post.

Johann Rupert, chairman of Richemont, said his firm’s success was due to its “client-centric obsession”, adding: “We are therefore proud to have participated in the growth of Net-a-Porter since its infancy and in the creation of Yoox Net-a-Porter Group, the world’s leading online luxury retailer.

“With this new step, we intend to strengthen Richemont’s presence and focus on the digital channel, which is becoming critically important in meeting luxury consumers’ needs.”

Marchetti founded Yoox in 2000, and the business then merged with Net-a-Porter in 2015.